S. Korea Fines Philips $1.29M In Wake Of EU Trade Pact

Law360, New York (June 25, 2012, 4:14 PM EDT) -- Koninklijke Philips Electronics NV on Monday became the first European company to get hit with fines by South Korea's antitrust regulator since the implementation of a free trade agreement between South Korea and the European Union.

South Korea’s Fair Trade Commission slapped Philip's Korean unit with 1.5 billion won ($1.29 million) in fines for forcing some online retailers to sell certain small appliances at set minimum prices, the commission says.

The move to fine the Dutch electronics giant comes after a July trade agreement between South...
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