Intel seeks EU to pay $624 million after winning antitrust case

The processor firm Intel requested the payment of 593 million euros (about 624 million dollars) in interest to the European Comissionfive months after he managed to get Europe’s second highest court to throw out a 1.06 billion euro antitrust fine from the bloc, a European Union filing showed on Monday.

Last year, the highest European court paved the way for these types of claims for damages in a landmark ruling that ordered the European Union executive to interest payment on fines refunded in dismissed antitrust cases.

The judges said that the late payment of interest will also generate interest.

In its appeal to the Luxembourg-based General Court, Intel said the Commission, which acts as the European Union’s competition watchdog, had refused to reimburse the company for interest.

The Commission returned $1.2 billion to Intel after its court defeat in January this year.

Intel said that its claim is based on an interest rate equivalent to the refinancing rate of the European Central Bankof 1.25%, as of May 2009, and that this must be increased to 3.5% from August 2009 to February of this year, when the EU returned the fine to the company, minus 38 million euros in interest paid to Intel by the Commission.


Leave a Comment