EU Issues charges to LCD Manufacturer in Global Price Fixing Crackdown

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KSoD

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The EU announced yesterday that it has sent a Statement of Objections under EU antitrust rules to a number of companies. These companies include Samsung, LG/Phillips, NEC, Seiko, Sharp, Toshiba, Hitachi, and IPS Alpha. Phillips, which divested from its joint venture with LG Electronics last March said it will "vigorously oppose" the allegation that it was involved in a cartel.

LG, Sharp, Chunghwa, and Hitachi all pleaded guilty of collusion to fix prices on TFT-LCD displays, effectively confirming the existence of a $70 billion global LCD cartel.

The charges issued by the EC are only the first formal step in antitrust litigation, and the companies named may object, defending their positions to the Commission or request oral hearings to present their comments on the case. From there, the Commission can decide if the companies are sound and to end investigation, or continue forward.

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