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Intel Seeks $624 Million in Interest from EU After Winning Antitrust Fine Case

Reuters

Last Updated: June 21, 2022, 15:10 IST

Intel is liable to get millions from the EU

Intel is liable to get millions from the EU

U.S. chipmaker Intel has filed a claim for 593 million euros ($624 million) in interest from the European Commission, five months after it convinced Europe's second top court to scrap a 1.06billion euro EU antitrust fine, an EU filing showed on Monday.

BRUSSELS: U.S. chipmaker Intel has filed a claim for 593 million euros ($624 million) in interest from the European Commission, five months after it convinced Europe's second-top court to scrap a 1.06-billion-euro EU antitrust fine, an EU filing showed on Monday.

Europe's top court paved the way for such damage demands last year in a landmark ruling which ordered the EU executive to pay default interest on reimbursed fines in annulled antitrust cases.

Judges said late payment of interest will itself incur interest as well.

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Intel in its application to the Luxembourg-based General Court said the Commission, which acts as the competition watchdog in the 27-country European Union, had refused to reimburse the company the default interest.

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

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

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first published:June 21, 2022, 15:10 IST
last updated:June 21, 2022, 15:10 IST