EU Court Shaves Spanish Tobacco Cartel Fine

Law360, New York (March 8, 2011, 4:03 PM EST) -- A European court trimmed a cartel fine against World Wide Tobacco Espana SA to €1.58 million ($2.2 million) from €1.8 million on Tuesday, ruling the company deserved a larger leniency reduction.

The European General Court upheld the rest of the European Commission's 2004 decision to penalize the tobacco company for fixing the prices it would pay for raw tobacco. The commission's original ruling also included several other Spanish processors.

The court's reasoning Tuesday echoed its decision to likewise trim fellow alleged cartel member Compania Espanola de...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.