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Record _1.47billion Fine for TV Makers

Naughty chaps done for fixing prices.

Six major TV manufacturers have landed them selves in some serious trouble with EU antitrust regulators, who have just imposed a whopping and record breaking fine on the various companies.

Between 1996 and 2006 it is believed that the companies involved were guilty of price fixing, with regulators concluding that the companies have created two cartels that focuses on price fixing of both TVs and computer monitors.

While this cartel focused mostly on cathode-ray tube screens, give that this was 1996 - 2006 of course it show just how long this investigation has gone on, not to mention how long it took to discover it was even going on. Joaquin Almunia, EU Competition Commissioner said it was the "worst kinds of anti-competitive behavior".

Philips has been hit with a €313 million fine, the biggest fine of the case, where as LG got hit with a €295 million fine, Panasonic and Samsung at €157 and €150 million. Other companies including Toshiba, Technicolor, two Panasonic ventures were also fined, although we don't have the figures for them.

Price fixing is a serious crime, especially when it usually focuses around ripping off the end consumer and it may have taken many years, but justice has been served.