Oligopoly - Recent Examples of Price Fixing Behaviour
In this blog entry we will curate recent examples of industries in which collusive price fixing behaviour has been alleged.
Examples of price fixing issues
Global fines for price fixing reach new record in 2013 (Financial Times) http://www.ft.com/cms/s/0/83c27142-95a8-11e4-b3a6-...
Managing Director jailed for involvement in price fixing of galvanised steel tanks (Financial Times) http://www.ft.com/cms/s/0/5c4d05b6-f60f-11e3-a038-...
Apple agrees to settle price fixing legal case (June 2014) http://www.bbc.co.uk/news/technology-27884580 see also this article from the Guardian http://www.theguardian.com/technology/2014/jul/16/...
German brewers fined 106.5m euros for price-fixing (BBC) http://www.bbc.co.uk/news/business-25721119 see also this video report: http://www.bbc.co.uk/news/world-europe-2571878
Tyre maker Bridgestone pleads guilty to price-fixing (Feb 2014) (BBC) http://www.bbc.co.uk/news/business-26181512
HSBC and Goldman sued for allegedly fixing metal price (Nov 2014) (BBC): http://www.bbc.co.uk/news/business-30209544
China fines Japanese car parts firms for price-fixing (Aug 2014): (BBC) http://www.bbc.co.uk/news/business-28863024
France fines 13 consumer goods firms €951m for price-fixing (Dec 2014) (Guardian) http://www.theguardian.com/business/2014/dec/18/fr...
Office of Fair Trading investigates price fixing on sports bras: (Sept 2013) (Guardian) http://www.theguardian.com/business/2013/sep/20/of...
2013 Panasonic in US price-fixing guilty plea http://www.bbc.co.uk/news/business-23371059
LIBOR Price Fixing among banks
A record Euro 1.7bn fine was levied against six banks in 2013, for their involvement in a conspiracy to manipulate LIBOR and Euribor benchmarks. UBS and Barclays received full immunity from prosecution for whistle-blowing on the cartel and cooperating with the Commission, saving them from colossal fines of EUR2.5bn and EUR690m respectively. Several other banks received substantial reductions in fines for cooperating.
Update - May 2015
Record fines for currency market fix (BBC news)
"Five of the world's largest banks are to pay fines totalling $5.7bn (£3.6bn) for charges including manipulating the foreign exchange market."
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Teacher of Business and Economics
Bishop Challoner Catholic Federation of School, London, E1
- Economics
- In the News
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- Collusion
- Overt collusion
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- Oligopoly
- Competition and Markets Authority (CMA)
Geoff Riley
Geoff Riley FRSA has been teaching Economics for thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.
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