Arkema Can't Ditch €59M Chemical Cartel Fine

Law360, New York (September 29, 2011, 5:16 PM EDT) -- The European Union's highest court on Thursday upheld €58.5 million ($79.7 million) in fines against Arkema SA over its alleged role in a monochloroacetic acid cartel, but refused to hold former parent company Elf Aquitaine SA liable for the conduct.

The European Court of Justice rejected Arkema's challenge to the European Commission's penalties, but ruled that the antitrust watchdog hadn't provided enough evidence to refute Elf Aquitaine's claims that it did not control the behavior of its 98 percent-owned subsidiary.

In 2005, the commission concluded that...
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