Intel seeks €600M in interest from EC - Mobile World Live

Intel seeks €600M in interest from EC

20 JUN 2022

Intel filed for damages of €593 million from the European Commission (EC) after it successfully won a legal battle against a €1 billion antitrust fine, which it paid in 2009.

In an application to the Luxembourg-based General Court, Intel said its claim was based on interest it would have accrued over the 13 years since it paid the fine.

Its calculations are based on an interest rate equivalent to the European Central Bank’s refinancing rate of 1.25 per cent beginning May 2009, which increased to 3.5 per cent from August 2009 to February this year when it received its money back. The total sum is minus €38 million the EC paid Intel in interest.

If it is successful, the US chipmaker would be claiming the biggest amount since a court decision in 2021 allowed companies to claim interest on fines held by the EC for years.

Intel said in April this year it had won the appeal against the fine, which was levied over anti-competitive practices between 2002 and 2007, after the EC alleged the company had paid manufacturers and a retailer to favour its chips over rival AMD.

In its filing, Intel said that the EC had refused to reimburse the company the default interest.

Last week, Qualcomm also won an appeal against a €997 million fine imposed by the EC four years ago, a major setback in the regulator’s push to tackle big tech companies over market abuses.

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Kavit Majithia

Kavit joined Mobile World Live in May 2015 as Content Editor. He started his journalism career at the Press Association before joining Euromoney’s graduate scheme in April 2010. Read More >>

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