A PYMNTS Company

General Court reduces UPM-Kymmene’s 2005 price-fixing fine by 5.8M euros

By  |  March 6, 2012

The General Court has reduced UPM-Kymmene Oyj’s fine by 5.8 million euros (approximately $7.6 million) because the Court found that the company could not be held liable for the cartel before October 1995. FLSmidth & Co. and FLS Plast unit’s fines were also reduced.

UPM-Kymmene, Europe’s second-largest papermaker, had been fined in 2005 for price-fixing with 16 competitors in a cartel for plastic bags used for industrial products. With the reduction, the company’s fine is now 50.7 million euros.

Full content: Bloomberg

 

Related content: Allocating Cartel Fines Among Companies of a Group (Laura Atlee & Yves Botteman, Steptoe & Johnson)