IMI, Chalkor Get EU Tubing Cartel Fines Reduced

Law360, New York (May 19, 2010, 2:00 PM EDT) -- The General Court of the European Union has reduced fines imposed on Britain's IMI PLC and Greece's Chalkor AE for their role in a decade-long copper plumbing tube cartel, though it did not disturb the fines imposed on four other cartel participants.

The court, Europe's second-highest, announced Wednesday that it had cut IMI's fine from €44.98 million ($55.9 million) to €38.56 million and Chalkor’s €9.16 million penalty to €8.25 million. The court said it determined that the European Commission, which imposed the fines in 2004, had...
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