Mitsubishi, Toshiba Escape €210M In EU Cartel Fines

Law360, San Diego (July 12, 2011, 6:37 PM EDT) -- A European Union court on Tuesday scrapped nearly €210 million ($293 million) in fines levied by the European Commission against Japanese companies Mitsubishi Electric Corp. and Toshiba Corp. for allegedly taking part in a cartel in the gas-insulated switchgear industry.

The EU General Court nixed fines of €118.6 million against Mitsubishi and €90.9 million against Toshiba, but allowed a €50.4 million fine against Hitachi Ltd. to stand. It also reduced a €2.4 million fine against Fuji Electric Co. Ltd. to €2.2 million.

The EC in January...
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