Panasonic to appeal against European Commission price-rigging fine

(Japan Economic Newswire Via Acquire Media NewsEdge) OSAKA, Dec. 21 -- (Kyodo) _ Panasonic Corp. said Friday the electronics maker and its subsidiary will appeal the European Commission's decision to fine them for fixing prices with other firms for television and computer monitor cathode ray-tubes to restrict competition.

"Panasonic believes this decision is factually and legally erroneous," Panasonic said in a statement.

Panasonic and its subsidiary MT Picture Display Co. will bring the case to the European General Court.

The two companies "will be stating their arguments at court and seeking fair judgment," the electronics maker said.

On Dec. 5, the commission imposed record cartel fines of 1.47 billion euros on seven companies, including Panasonic and Toshiba Corp., claiming they fixed prices globally for television and computer monitor cathode-ray tubes over 10 years.

Panasonic was slapped with a fine of 157.47 million euros.

Panasonic no longer produces cathode-ray tube monitors.

(c) 2012 Kyodo News International, Inc.

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