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...
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.