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FTC financially supports class action lawsuit against LG and Samsung

By  |  January 24, 2012

Korea’s Fair Trade Commission threw its financial support behind the Green Consumer Network’s proposed class-action lawsuit against Samsung and LG. The basis for the watchdog’s decision lies in its belief that previous fines imposed on Samsung and LG’s price-fixing (25.81 billion won and 18.83 billion won, respectively) insufficiently deterred anticompetitive behavior.

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    The support pledged amounts to 100 million won, about $88,700, and will be used to find more plaintiffs by the end-of-February deadline.

    Source: Korea Times

     

    Related content: A New Kid on the Block: Korean Competition Law, Policy, and Economics (Sang-Seung Yi & Youngjin Jung, Seoul National University)