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EU Court Annuls Some Fines On Gas Insulated Switchgear Cartel

BRUSSELS -(Dow Jones)- The European Court of Justice annulled fines imposed by the European Commission on Japanese companies Mitsubishi Electric Corp. (6503.TO) and Toshiba Corp. (6502.TO) for participating in a cartel of gas-insulated switchgear products. The General Court, the European Union's second highest court, confirmed the EUR50.4 million imposed on Hitachi Ltd. (HIT). In March, the same court upheld a EUR397 million fine levied against German conglomerate Siemens AG (SI) for having operated in the same cartel, but it reduced penalties imposed on Siemens Austria subsidiaries and on French power generation firm Alstom S.A. (ALO.FR) and nuclear giant Areva S.A. Gas insulated switchgear is heavy electrical equipment used to regulate electricity flows within power grids. It is a major component of power substations, where electrical current is converted from high to low voltage, or vice-versa. -By Alessandro Torello, Dow Jones Newswires; +32 2 741 14 88; alessandro.torello@dowjones.com

Stock News for Hitachi (HIT)
DateTimeHeadline
03/06/201209:36:35Applications Given Early Antitrust Clearance
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12/13/201116:36:35PRESS RELEASE: THREE HITACHI-LG DATA STORAGE EXECUTIVES AGREE...
12/04/201120:34:13Hitachi: Transfer Of HDD Operations To Western Digital To Be...
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09/08/201109:29:38EU Almunia:Proposed Deutsche Borse, NYSE Merger Requires Sophisticated...
07/12/201104:50:01EU Court Annuls Some Fines On Gas Insulated Switchgear Cartel
06/08/201106:17:19CORRECT: Hon Hai Chairman: Mulling Building New Plants In Africa
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05/30/201112:42:23EU Opens Probes Into Two Hard Disk Drive Sector Acquisitions
05/25/201111:09:30GE Vice Chairman Sees Nuclear Sector Delays After Japan Crisis

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