EU imposes $1.9 billion fine on screen producers
BRUSSELS (AP) -- The European Union has imposed a massive fine of almost (euro) 1.5 billion ($2 billion) on seven international companies for fixing the market of television and computer monitor tubes for a decade ending in 2006.
The EU's Commission said Wednesday that the companies, including Philips, LG Electronics and Panasonic, artificially set prices, shared markets and restricted their output for their profit at the expense of the consumer.
EU antitrust Commissioner Joaquin Almunia said that the cartels `'feature all the worst kinds of anticompetitive behavior that are strictly forbidden to companies doing business in Europe."
Tubes were the essential part of television screens and computer monitors before they were replaced by flatscreens.