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LG Electronics says will appeal against EU ruling on cartels
December 5, 2012 / 11:27 PM / in 5 years

LG Electronics says will appeal against EU ruling on cartels

SEOUL (Reuters) - LG Electronics (066570.KS) said on Thursday it will appeal against the decision by the European Commission to impose its biggest antitrust fine ever on the South Korean company and five others for running two cartels for nearly a decade.

The logo of LG Electronics is seen at a store in Seoul July 25, 2012. REUTERS/Lee Jae-Won

The European Commission fined six firms, including Philips (PHG.AS) and Panasonic 6752.T>, a total of 1.47 billion euros ($1.92 billion), saying executives from those companies met until six years ago to fix prices and divide up markets for TV and computer monitor cathode-ray tubes, technology now mostly made obsolete by flat screens.

LG Electronics must pay 295.6 million euros plus its share of a joint venture penalty.

Reporting by Hyunjoo Jin; Editing by Paul Tait

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