European Commission Fines 6 LCD Companies For Price-Fixing
The European Commission is hitting six LCD companies with a fine that adds up to $857 million for price-fixing. The 6 companies being hit with the fines are Samsung, LG, AU Optronics, Chunghwa Picture Tubes, Chimei InnoLux, and HannStar Display. These companies operated a cartel between October 2001 and February 2006.
These companies held a series of meetings called “the Crystal meetings.” The companies met over this period of time to agree to price ranges and minimum prices. The companies knew that the meetings were illegal and they attempted to cover them. The EC was lenient towards Samsung by giving them a huge fee reduction because they are the company that reported the cartel in the first place.
[TechEye]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry