EU regulators are set to fine LG Display, Chi Mei Optoelectronics Corp and three other firms up to 700 million euros ($928 million) in total for fixing prices of display panels used in consumer devices, a source close to the case said on Monday.

The European Commission, the EU antitrust watchdog, charged the companies in July last year with breaching EU laws on restrictive business practices, while other regulators around the world have also investigated the sector.

The total fine will be between 600 and 700 million euros, the source told Reuters.

The EU executive will levy the biggest fine on Chi Mei, Taiwan's second-largest LCD firm, the source said, declining to provide details of the individual fines. The Commission can penalize companies up to 10 percent of their global turnover for infringing EU laws.

The watchdog did not identify the companies when it began the investigation, but LG Display, the world No. 2 LCD maker, global No. 3 AU Optronics, and Chi Mei have confirmed the charges. Chunghwa Picture Tubes, Taiwan's third-largest LCD maker, and HannStar Display Corp were also identified in a Commission document obtained by Reuters.

(Reporting by Foo Yun Chee, editing by Rex Merrifield)