Innolux, LG Display Win $23.2 Million Cut in EU LCD Cartel Fines

LG Display Co. (034220) and Innolux Corp. (3481) won a combined reduction of 17 million euros ($23.2 million) in European Union antitrust fines for fixing prices of liquid-crystal display panels.

The EU General Court cut Innolux’s fine to 288 million euros from 300 million euros and LG Display won a reduction to 210 million euros from 215 million euros in rulings in Luxembourg today.

The European Commission fined five Asian companies in December 2010 for operating the illegal cartel between October 2001 and February 2006. Samsung Electronics Co. (005930) wasn’t fined because it informed on the cartel and provided “valuable information,” the commission said at the time.

Chi Mei merged with Innolux Display Corp. in 2010 and the combined company received the biggest fine in the cartel.

The court, whose decisions can be appealed, said Innolux “had made errors” by providing the EU antitrust regulator with data that “included sales relating to products other than the LCD panels subject to the cartel.”

LG Display’s reduction was based on a procedural error by the commission in calculating the fine.

To contact the reporters on this story: Stephanie Bodoni in Luxembourg at sbodoni@bloomberg.net; Gaspard Sebag in Luxembourg at gsebag@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

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