E.C. Knocks Out Power Cartel With €750M Fine

Law360, New York (January 24, 2007, 12:00 AM EST) -- The European Commission has smacked some of the largest multinational firms in Europe and Asia with a massive €750 million fine for their alleged involvement in an electricity-transmission technology cartel, marking the largest such penalty ever imposed.

On Wednesday, the E.C.’s antitrust authority delivered on its promise to punish the crew, hitting the alleged ringleader Siemens AG of Germany with a whopping €396 million penalty.

"The Commission has put an end to a cartel which has cheated public utility companies and consumers for over 16 years,"...
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