Siemens Loses Bid To Toss €397M EU Cartel Fine

Law360, New York (March 3, 2011, 5:27 PM EST) -- A European Union court upheld a €396.6 million ($553.6 million) antitrust penalty against Siemens AG on Thursday, but trimmed fines for two French companies in the electrical-grid equipment cartel case.

The General Court's decision leaves intact one of the largest penalties the European Commission has ever handed out in a cartel case, part of roughly €750 million in penalties it issued in early 2007 to about 10 European and Japanese companies for rigging bids on projects involving gas insulated switchgear, which is used to control the...
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