LG Electronics lost its final appeal against the ruling of European Union and has been asked to pay more than EUR 540 million.
The European Commission (EC) in 2012 had slapped seven top electronics companies with total EUR 1.5 billion for running up a price-fixing cartel for cathode ray tubes (CRTs).
Philips took the harshest penalty of €313.3 million, followed by a €295.6 million fine for LG. The companies were also hit with an additional €391.9 million penalty for the conduct of their joint venture.
Samsung was penalized €150.8 million, Panasonic got hit for €157.5 million and the other offending companies received smaller fines ranging from €7.8 million to €86.7 million.
The commission stated the fact that the companies had fixed prices, shared markets, allocated customers and restricted the output of color display tubes used in computer monitors and color picture tubes used in television sets.
Between 1996 and 2006, the EC said, the companies manipulated the market for cathode ray tubes, the central component in most older televisions and monitors.
CRT-based displays have largely been replaced by monitors using liquid crystal display and plasma technology in recent years, and the decline of the technology was one of the driving forces behind the cartel.
Image Source: The IPKat