EU Court Slashes Parker's $33M Fine Over Marine Hose Cartel

By Melissa Lipman (May 23, 2013, 4:34 PM EDT) -- A European Union court last week slashed an antitrust fine against Parker ITR Srl from €25.61 million ($33 million) to €6.40 million for its role in a marine hose cartel, but it upheld penalties against two other companies.

The EU's General Court agreed May 17 to cut the fines against Parker ITR and ParkerHannifin after finding that the European Commission had inappropriately tried to hold Parker liable for all of the violations committed by a subsidiary it acquired from an unrelated company.

"It is for the legal person managing the undertaking in question when the infringement was committed ... to answer...

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