Panasonic to appeal EU ruling on cathode-ray tube cartel
TOKYO (Reuters) - Japan's Panasonic Corp said on Friday that it would appeal a decision by the European Commission to fine it 252 million euros ($327 million) on charges of fixing prices for TV and computer monitor cathode-ray tubes along with five other companies.
The European Commission fined six firms, including Philips, LG Electronics Toshiba Corp Samsung SDI and French company Technicolor a total of 1.47 billion euros, its biggest antitrust penalty in history.
The Commission on Dec 5 said executives from the European and Asian companies had met until six years ago to fix prices and divide up markets for TV and computer monitor cathode-ray tubes, a business that has since been replaced by flat panel displays.
Panasonic in a statement said it "will seek a fair judgment".
Until now, the Commission's biggest antitrust penalty had been a 1.38 billion euro fine imposed on participants in a car glass cartel in 2008.
(Reporting by Tokyo Newsroom; Editing by Ron Popeski)
© Thomson Reuters 2017 All rights reserved.