Following a three year investigation, the enforcement arm of the EU, the European Commission, fined the parties a total of â‚¬1.47 billion ($US1.92 billion).
The executives were from Samsung SDI Co, LG Electronics Inc, Philips Electronics, Panasonic Corp, Toshiba, Technicolor SA and Chunghwa Picture Tubes Ltd.
European Union regulators claim the uncovered cartel is among the most organised they have investigated and their fine reflects it. At â‚¬1.47 billion, it is the highest fine issued by the EU.
"These cartels for cathode-ray tubes are 'textbook cartels,'" said the EU's antitrust chief, JoaquÃn Almunia. "They feature all the worst kinds of anticompetitive behaviour that are strictly forbidden to companies doing business in Europe."
During their 'green meetings' for rounds of golf in Asia and Europe, the executives would cut deals. The finer details of these meetings would be ironed out in "glass meetings" located in Hong Kong and Paris. The glass meetings were described by Almunia as the "engine room of the cartel."
Inside the Engine Room
The cartels were formed a decade ago in an effort to keep the price of cathode-ray tubes (CRT) tubes high. At the time, CRT accounted for up to 70% of a rear projection TV's price.