Dec 8, 2010 16:09 GMT  ·  By

It seems that the European Commission will be getting a quite solid monetary gift for Christmas, though technically is is a fine issued to six LCD makers found to have participated in a price fixing cartel.

It seems that the holiday season is a favorite of lawsuits because yet another one has become the subject of the news.

In this case, however, the subject is not a company pressing charges against another for IP infringement or whatnot.

This time, it appears that a lawsuit has more or less concluded, at least as far as six makers of liquid crystal displays are concerned.

Basically, it was established that AU Optronics, Samsung, LG, Chimei InnoLux, Chunghwa Picture Tubes and HannStar Display held so-called 'Crystal meetings' between 2001 and 2006.

Said meeting were held in order to agree on product price ranges and minimum prices of LCDs, obviously with the intent of generally boosting their profits.

As Tech Eye has it, the companies participated in this conspiracy of sorts even though they knew it was illegal, after which they tried to cover it all up.

Samsung was the only one that got off clean, so to speak, as it was the one that reported the cartel in the first place and was given immunity thanks to the UE legislation.

The rest will have to pay a combined sum of €648,925,000, which is the equivalent of a fine of $857 million.

“Foreign companies, like European ones, need to understand that if they want to do business in Europe they must play fair,” said Joaquín Almunia, Vice President of Competition Policy in the EC.

“The companies concerned knew they were breaking competition rules and took steps to conceal their illegal behaviour. The only understanding we will show is for those that come forward to denounce a cartel and help prove its existence.”