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.
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)
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