EU: Samsung, Philips among those fined for chip price-fixing

The European Commission announced Wednesday that several major technology companies have been fined millions of dollars for their participation in fixing the prices of chips used in bank cards and mobile phones.

According to a press release offered by the regulator, Samsung Electronics, Royal Philips and Infineon Technologies were ordered to pay a combined $181.3 million for the collusion. Infineon was ordered to pay the highest fine of the three companies at more than $108 million.

The sanctions follow first discussions for the companies to settle the allegations in 2012. Those talks eventually broke down. Renesas Technology, which was also found to have taken part in the price-fixing cartel, qualified for leniency after first approaching the EU with information about the anticompetitive behavior, the Commission said.

The Companies “colluded through a network of bilateral contacts in order to determine their respective responses to customers’ requests to lower prices,” the watchdog said. European Commissioner Joaquin Almunia added in a statement that some of the companies “took measures to conceal the collusion.”

The fines bring Almunia’s tally of price-fixing fines up to more than $2 billion this year; his term is set to end in less than two months.

Infineon said it plans to appeal the decision.

Full content: Bloomberg

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