A PYMNTS Company

EU: General Court backs Commission chemical cartel fees

By  |  February 6, 2014

The EU General Court backed the European Commission’s decision to fine two chemical companies for allegedly participating in a cartel as two companies’ appeals of the sanctions were rejected.

Arkema and Elf Aquitaine were fined in 2009 by the Commission, along with eight other companies, for participating in a price-fixing scheme that manipulated tin and heat stabilizer costs; the materials are used in everyday materials including packaging and credit cards.

Arkema and Elf Aquitaine lost appeals to those fines with the EU General Court this week, along with consulting firm AC-Treuhand that also appealed its fines.

The failed appeals come three years after sanctions against two other companies were revoked as the Commission found its original decision to issue the penalties to be wrong.

Full Content: Bloomberg

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.