Top EU Court Upholds Siemens' $542M Fine In Cartel Case

Law360, New York (December 19, 2013, 2:44 PM EST) -- The European Union's highest court on Thursday rejected an appeal from Siemens AG, Mitsubishi Electric Corp. and Toshiba Corp. of allegations that they participated in a long-running cartel to fix the price of power-transmission technology, upholding a €396.56 million (US$542 million) fine against Siemens.

The EU's Court of Justice also affirmed that all three companies were part of a plot to manipulate the prices of the gas-insulated switchgear used in electrical substations. The fines facing Mitsubishi and Toshiba are still the subject of an appeal pending before...
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