The Japan Fair Trade Commission has slapped Panasonic and two South Korean competitors with hefty fines after finding them guilty of price-fixing. LG Electronics, Panasonic, and Samsung have been collectively fined US$37 million for running a cartel in cathode-ray tube television sets from as far back as 2003. The commission found that the three companies had met regularly to set minimum target prices for the TVs: "It substantively restricted competition in sales of certain types of cathode-ray tubes, which ran against public interest." A spokesperson from Panasonic said they would consider an appeal.