Mega fine Philips, more than half billion, stands

The huge fine which Philips got in 2012 needs to be paid. This the European Court of Justice decided on Wednesday morning. It concerns more than a half billion euros, which the company must pay for the illegal cooperation with other electronics companies.

Among other Samsung, Panasonic, LG Electronics and Toshiba, together with Philips, made agreements on price fixing over parts of CRT TVs between 1996 and 2006. Philips is charged on forming a cartel.

Two other parties in this case got a reduction on their punishment. Panasonic and Toshiba saw the fine be reduced.

The new ruling can be challenged by the Eindhoven company.

Source: Studio040

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