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EU: Goldman Sachs, Prysmian, others lose challenge against cartel fine over power lines

By  |  July 16, 2018

Investment bank Goldman Sachs, the world’s biggest cablemaker Prysmian, rival cablemaker Nexans, and eight other cable companies on Thursday, July 12, lost their challenge against a €302 million (US$353 million) EU cartel fine, reported Reuters.

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    The companies had appealed to the General Court, Europe’s second-highest court, asking for the European Commission’s 2014 decision to be thrown out and their fines reduced.

    The EU antitrust enforcer said the group ran a power cable cartel for almost 10 years from 1999, sharing markets and allocating customers between themselves. ABB escaped a €33 million (US$38.7 million) sanction by alerting the authorities. The court rejected the appeals.

    “The General Court confirms the fines of over €300 million (US$351.4 million) that the Commission imposed on the main European and Asian producers of (extra) high voltage power cables for their participation in a worldwide cartel,” judges said.

    The group said in a statement it would appeal the general court’s decision at the EU’s highest court, the European Court of Justice.

    Full Content: Reuters

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