Panasonic Corp. and a subsidiary will appeal the European Commission's decision to fine them for engaging in a price-fixing cartel involving cathode-ray tubes.
"Panasonic believes this decision is factually and legally erroneous," the electronics giant said in a statement Friday.
Panasonic and its subsidiary, MT Picture Display Co., will bring the case to the European Union's General Court in Luxembourg. The two companies "will be stating their arguments at court and seeking fair judgment," according to the statement.
On Dec. 5, the commission imposed a record fine of €1.47 billion (around ¥160 billion) on Panasonic, Toshiba Corp. and five other companies, claiming they fixed prices globally for TV and computer monitor cathode-ray tubes over a 10-year period.
Panasonic, which no longer produces cathode-ray tube monitors, was slapped with a €157.47 million (¥17 billion) fine.