Compressor Cartel Crushed

BloombergBusinessweek reports that Whirlpool and Panasonic are amongst a number of companies which have agreed to settle European Commission (EC) cartel claims. The companies have reportedly agreed to pay a total of €161 million for fixing the prices of compressors which were used in refrigerators, vending machines and ice-cream coolers. European Union Competition Commissioner Joaquin Almunia reportedly said that action against cartels is particularly important given economic hardships, and European action has been stepped up to eliminate anti-competitive practices. The companies also reportedly face consumer lawsuits in the United States, seeking compensation for price-fixing.
BloombergBusinessweek: Whirlpool Units, Panasonic Fined by EU for Compressor Cartel (7 December 2011)
(Source: BloombergBusinessweek)