Intel Corporation To Challenge Antitrust Fine In EU Court-Reuters

Reuters reported that Intel Corporation will ask Europe's second-highest court in July to scrap a EUR1.06 billion ($1.4 billion) EU antitrust fine, arguing regulators failed to prove it blocked a rival in their 2009 decision. The European Commission, which acts as EU competition regulator, penalised Intel with its largest ever corporate fine because of anticompetitive tactics against Advanced Micro Devices Inc. The decision came after an eight-year-long investigation. Intel will argue its case in a four-day hearing at the Luxembourg-based General Court on July 3 to 6, said two people familiar with the case. The Company has said the fine, which represented 4.15% of its 2008 turnover, was 'manifestly disproportionate'. EU regulators can penalise companies with fines of up to 10% of their global revenue. Intel has already gained backing from the European Ombudsman, who censured the Commission for procedural errors in its investigation.