What happened now? Intel is demanding that the European Commission’s competition watchdog hand over $624 million in interest payments following the company’s successful appeal against a $1.2 billion antitrust fine earlier this year.
In January the European Court made a decision in support Intel in connection with an appeal of a €1.06 billion ($1.2 billion) fine imposed on it by the European Commission in 2009. The case revolved around Intel allegedly paying manufacturers including Dell, HP and Lenovo to favor their processors over AMD processors since 2002. until 2007, providing them with special treatment in the form of discounts. The commission returned a $1.2 billion payment to Intel after losing in court.
Now, five months after the decision, Intel has applied to the EU General Court to “pay compensation and indirect interest for damages incurred due to the European Commission’s failure to pay default interest to Intel.”
While the amount Intel is seeking is more than half of the original fine, the company says the claim is based on an interest rate equivalent to the European Central Bank’s refinancing rate of 1.25% when the fine was issued in May 2009, and this should be increased to 3.5% from August 2009 to February 2022
Intel is also not going to put up with any delays from the Commission. He asked the court to impose additional interest on any late payment of interest.
Reuters notes that Intel is taking advantage of last year’s decision by Europe’s highest court, which ordered the EU executive to pay interest for non-payment of recovered fines in voided antitrust cases.
Although the case has been raging for more than a decade, it is not over yet. The European Commission is now in the process of appealing against the court’s decision to cancel the fine.
Credit: www.techspot.com /