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Intel seeks €593M from Commission after court victory

Intel is seeking €593 million in interest from the European Commission after a record 2009 antitrust fine was annulled earlier this year, according to a filing from the European General Court published Monday.

The case is the biggest amount yet sought after a court decision last year allowed companies to claim interest on fines held by the Commission for years, essentially creating a massive financial risk for European Union regulators when they lose challenges to antitrust fines.

The U.S. microchips giant paid a €1.06 billion penalty in 2009 ($1.45 billion at the time) and received $1.2 billion after it won an appeal in January that canceled the fine, it said in a press release in April.

The court filing said the Commission should pay interest at the European Central Bank’s refinancing rate of 1.25 percent starting from May 2009, increased with a 3.5 percent punitive rate from August 2009 when the fine was paid until February 25, 2022 when the Commission repaid the fine to Intel minus an interest payment of €38 million already handed over by the Commission.

The case is T-236/22 Intel Corporation vs. Commission.

https://ift.tt/NHmfcPl June 20, 2022 at 03:04PM
Aoife White

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