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

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.

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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