Brazil Fines ABB Over Power Cable Cartel In 1st Settlement

Law360, New York (December 19, 2013, 6:30 PM EST) -- Swiss robotics conglomerate ABB Ltd. admitted Wednesday to fixing the price of underground and submarine power cables and agreed to pay 1.5 million reais ($637,000) to settle with Brazil's antitrust enforcer, marking the first such deal under the country's new cartel settlement rules.

ABB signed a cease and desist order with Brazil's Administrative Council for Economic Defense, known as CADE, as part of the deal as did an individual related to the company. The unnamed individual will pay fine of 50,000 reais, according to CADE....
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