EU Hits Mitsubishi, Toshiba With Reduced Cartel Fines

Law360, New York (June 27, 2012, 3:06 PM EDT) -- The European Commission will fine Mitsubishi Electric Corp. €74.8 million ($93.3 million) and Toshiba Corp. €56.8 million for participating in a gas insulated switchgear price-fixing scheme, it said Wednesday, after a European court nixed heftier penalties imposed in 2007.

The EC also said that it would jointly fine the companies €4.7 million and that its decision ensured that companies that run afoul of European competition law don't get out of sanctions because of procedural issues.

In 2007 the EC slapped numerous companies with a whopping €750,712,500...
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