LG claims 55 million pounds from Philips

LG Claims 55 million pounds from Philips after a Penalty for price Agreements. The South Korean electronics manufacturer LG Electronics claims 55 million pounds from Philips because of the fine they received for prohibited price agreements on television components.

It can be read in the Philips annual report for 2018.

LG submitted the claim to the court in Seoul on 29 January.

In 2012 the European Commission fined Philips for hundreds of millions for the price agreements.

Part of that fine was for the partnership of Philips and LG Electronics,

 called LG Philips Displays.

LG now states that Philips will have to pay a larger share of the joint fine,

 by the way, the European Commission has calculated the fine.