Kone Loses EU Top Court Challenge to Quash Elevator Cartel Fine
Kone Oyj (KNEBV), the elevator supplier to London’s Shard skyscraper, lost a final appeal at the European Union’s highest court to overturn a 142.1 million-euro ($195.9 million) fine levied for colluding with rivals on prices for elevators and escalators.
The EU Court of Justice in Luxembourg today rejected the appeal and upheld the fine. The decision is final.
The European Commission in 2007 fined five companies 992.3 million euros for fixing prices in Belgium, Germany, Luxembourg and the Netherlands between at least 1995 and 2004. They rigged contract bids, allocated projects to each other and shared confidential information, the EU said.
ThyssenKrupp AG (TKA) in 2011 won a court decision that cut a 479.7 million-euro fine, the biggest in the cartel. Schindler lost a final court bid in July to cut or quash its 143.7 million-euro penalty. United Technologies Corp. (UTX)’s Otis unit last year lost a final bid to have its 224.9 million-euro fine overturned.
The case is: C-510/11 P, Kone and Others v. Commission.
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