LG Electronics to pay $645 million for rigging prices

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LG Electronics to pay $645 million for rigging prices

LG Electronics said Friday it plans to pay a fine of 541 million euros ($645 million) levied by the European Commission for rigging prices on its cathode ray tubes.

The company said its appeal of the EC’s fine was recently rejected by a European court.

In 2012, the European regulator fined LG Electronics and five other companies, including Philips and Panasonic, a total of 1.47 billion euros, claiming their executives colluded to fix prices in two global cartels between 1996 and 2006.

At that time, the commission slapped a 492 million-euro fine on LG, but the final amount includes the interest on its delayed payment. Yonhap

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