$400 Million Fine on Intel in Antitrust Case

Intel has been fined €376 million ($400 million) today, Friday, in an antitrust case in the European Union due to practices that violate competition rules by the American chip manufacturer for nearly two decades to obstruct rival companies. The General Court of the European Union, based in Luxembourg, annulled a previous record fine of €1.06 billion in 2009 for that violation and other practices last year. The General Court is the second-highest court in Europe. However, it agreed with the European Commission that Intel illegally excluded its competitors from the market, prompting the EU antitrust authority to reopen the case. The European Commission stated, "The General Court confirmed that Intel's clear restrictions amount to an abuse of its dominant market position under EU competition laws." Intel stated that it is assessing its options.