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EU Slaps $130 Million Fine on Four Electronics Firms For Fixing Online Prices (cnbc.com)

Posted by msmash on from the paying-the-price dept.

The European Commission imposed a fine of 111 million euros ($130 million) on four consumer electronic firms Tuesday, for fixing prices on their resold items. From a report: Asus, Denon & Marantz, Philips and Pioneer all limited the ability of online retailers to price items as they saw fit. The four manufacturers apparently threatened or sanctioned the online retailers who wouldn't comply with their price suggestions. "These well-known manufacturers of consumer electronics, they put pressure on online retailers to maintain higher prices. They did so during a period from 2011 and 2015," Margrethe Vestager, the European competition commissioner, said in a press conference Tuesday. "As a result of the actions taken by these four companies, millions of European consumers faced higher prices for kitchen appliances, hair dryers, notebook computers, headphones and many other products," Vestager said, adding that this behavior is "illegal under EU antitrust rules."

4 of 108 comments (clear)

  1. It's just business as usual... by Anonymous Coward · · Score: 4, Insightful

    If price fixing nets more than $130 million in additional profit, stay the course!

    1. Re:It's just business as usual... by mjwx · · Score: 5, Insightful

      If price fixing nets more than $130 million in additional profit, stay the course!

      This is what the other side of the pond doesn't understand about the EU... You treat fines as a one off thing. They aren't. Its 100 million Euro now... but if you don't stop it'll be 300 million Euro extra. The fines are obviously a slap on the wrist compared to what they made from the crime, but that's on purpose to discourage them from retaliatory action (like raising prices). However there is a very clear message that says next time, the slap wont be on the wrist with the EU.

      Fines are there to discourage illegal business practices... but not to discourage business.

      --
      Calling someone a "hater" only means you can not rationally rebut their argument.
    2. Re:It's just business as usual... by Calydor · · Score: 4, Insightful

      You're absolutely right.

      Businesses should be allowed to do whatever the fuck they want with no one ever holding them accountable.

      --
      -=This sig has nothing to do with my comment. Move along now=-
    3. Re:It's just business as usual... by Anonymous Coward · · Score: 5, Insightful

      Putting repeat fines (we usually call them taxes, but...)

      Thank you for telling us within the first 8 words that you don't know what you are talking about, allowing us to avoid wasting time reading everything else you wrote.