EU Fines 6 Transformer Producers €67.7M Over Cartel

Law360, New York (October 7, 2009, 12:50 PM EDT) -- The European Commission has fined six power transformer producers a total of €67.6 million ($100 million) for running a market-sharing cartel the companies allegedly referred to as a “gentlemen's agreement.”

The antitrust watchdog announced penalties Wednesday against Japan's Toshiba Corp., Hitachi Ltd. and Fuji Electrics, and European companies ABB Ltd., Areva T&D SA and Alstom SA.

German industrial giant Siemens AG also participated in the “rip-off,” the EC said, but escaped a fine for blowing the whistle on the cartel.

Swiss engineering group ABB was hit...
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