Dow Chemical Co. (DOW) failed to overturn a 64.57 million-euro ($84.5 million) antitrust fine in a rubber cartel after a European Union court rejected arguments that it shouldn’t be liable for the actions of subsidiaries more than 10 years ago.
The EU Court of Justice in Luxembourg today rejected the appeal in a ruling today.
The commission, the 27-naton EU’s antitrust regulator in November 2006 fined five companies 519 million euros for rigging prices of synthetic rubber in a cartel that lasted from at least 1996 to 2002. Bayer AG (BAYN) escaped a fine after it tipped off the EU about the cartel.
Dow said in a statement that it didn’t participate in any of the wrongful conduct and that it was disappointed with the ruling.
The case is: C-499/11 P, Dow Chemical and Others v. Commission
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