Goldman Sachs, Prysmian, others lose challenge against 302 million euro EU cartel fine

bank, banking, banknoteLUXEMBOURG (Reuters) – Investment bank Goldman Sachs (GS.N), the world’s top cablemaker Prysmian (PRY.MI), Nexans (NEXS.PA) and eight other cable companies on Thursday lost their challenge against a 302 million euros ($352.6 million) EU cartel fine.

The companies had appealed to the General Court, Europe’s second-highest court, asking for the European Commission’s 2014 decision to be thrown out and their fines reduced.

The EU antitrust enforcer said the group ran a power cable cartel for almost 10 years from 1999, sharing markets and allocating customers between themselves. ABB (ABBN.S) escaped a 33 million euro sanction by alerting the authorities.

Source: REUTERS

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