The European Court of Justice has upheld a fine totaling $542.6 million against Siemens, Toshiba and Mitsubishi Electric, dashing the companies’ efforts to appeal the sanction issued for involvement in electrical equipment price-fixing.
The European Commission fined the companies, and several others, in January 2007 for price-fixing electrical equipment pieces. Siemens was slammed with the highest fine of all 10 companies.
According to reports, the EU’s lower court initially tossed Toshiba and Mitsubishi’s fines in 2011; but the European Commission re-imposed new fines as their appeal was pending.
Full Content: Bloomberg
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