Schindler Loses Bid to Overturn 143.7 Million-Euro Cartel Fine

Schindler Holding AG lost a European Union court bid to overturn a 143.7 million-euro ($188.5 million) cartel fine for colluding with competitors on prices for elevators and escalators.

The EU Court of Justice, the EU’s highest tribunal, in Luxembourg rejected the appeal today.

The European Commission fined five companies 992.3 million euros in February 2007 for setting 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.

Schindler, based in Ebikon, Switzerland, said it will closely analyze the ruling. The company paid the full amount of the fine in 2007, according to a statement on its website.

ThyssenKrupp AG two years ago won an appeal at a lower court cutting 159.9 million euros off a 479.7 million-euro antitrust fine in the case.

The case is: C-501/11 P, Schindler Holding Ltd., Schindler Management AG, Schindler SA, Schindler Sarl, Schindler Liften BV and Schindler Deutschland Holding GmbH v. European Commission.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE