Registration Opened to Recoup Money in Pricing Cartel - Philips, Panasonic, LG and Others
AMSTERDAM, June 11, 2013 /PRNewswire/ --
Buyers can get money refund for overpriced TVs and computer monitors
Because of prohibited pricing agreements, consumers and businesses paid too much for televisions and computer monitors purchased between 1996 and 2006. During this ten-year period, famous name brands such as Philips, Samsung, LG, Panasonic and others were involved in an illegal cartel and abused their positions of power on a grand scale. Starting today, duped buyers can register for free with TV Claim in order to get their money back.
Between 1996 and 2006, many picture tube manufacturers made prohibited pricing agreements in order to sell picture tubes to television manufacturers at inflated prices. The TV manufacturers in turn passed this artificial increase on to their consumers, who consequently paid too much. The picture tube manufacturers in the cartel were suppliers to almost all television and computer brands in this period. As a result, this overpricing pertains to almost all TVs and computer monitors sold between 1996 and 2006.
"According to our calculations, the damage is about 10% of the purchase price. So, for a £1000 television set, you overpaid £100. By means of a class action, we are going to make sure that this money is repaid to the duped buyers," says TV Claim. "Never before has such a large scale cartel been discovered. This has repercussions for a huge group of consumers and businesses, because just about every person and business purchased a TV or computer monitor in that ten-year period."
On December 5, 2012, the European Commission completed a long investigation and handed out a mega fine of 1.47 billion euro to the picture tube manufacturers. To date, it is the highest fine ever given for such a cartel. It is therefore expected that the claim will be successful. Registration can be done via the website TVClaim.com
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About TV Claim
TV Claim is an initiative from ConsumentenClaim, a Dutch company specialising in class actions. Our company works on a 'no cure no pay' basis, which means that clients only pay if there is a positive outcome. Because of high legal costs, this manner of litigation is often the only feasible option. Through our class action lawsuits, many duped consumers have obtained money that they were entitled to. ConsumentenClaim and its sister company, Leaseproces, have approximately 50 employees. The offices are located in Amsterdam and Zwolle (the Netherlands).
To contact the spokesperson of TV Claim, Brenda de Jong-Pauley, please call Amanda Hachmang (Department of communication). From the UK, call +31-6-43110944. Or contact us by email at press@tvclaim.com
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