EU court adviser endorses cartel fine on ADM
[2008-5-19]
Tag: Gluconate
An adviser to the European Union's top court recommended on Thursday it dismiss an appeal by U.S. food processing giant Archer Daniels Midland (ADM.N: Quote, Profile, Research) against 47 million euros ($72.91 million) in fines for fixing prices in two worldwide cartels.
"Since in my view none of the grounds of appeal is successful, I propose that the appeal in its entirety be dismissed," advocate-general Verica Trstenjak wrote in an opinion. The European Court of Justice will decide the case later. It follows the advice of its advocates general about half the time.
A lower court, the Court of First Instance, decided in September 2006 that the European Commisison was right to fine ADM in 2002 for participating in global cartels for sodium gluconate, used to clean glass and metal, and citric acid, a preservative for jams and drinks.
ADM had to pay 10.1 mililon euros in the sodium gluconate case and and 36.7 million euros in the citric acide case.
Since that time fines in cartel cases have escalated. (Reporting by David Lawsky, editing by Paul Taylor)
An adviser to the European Union's top court recommended on Thursday it dismiss an appeal by U.S. food processing giant Archer Daniels Midland (ADM.N: Quote, Profile, Research) against 47 million euros ($72.91 million) in fines for fixing prices in two worldwide cartels.
"Since in my view none of the grounds of appeal is successful, I propose that the appeal in its entirety be dismissed," advocate-general Verica Trstenjak wrote in an opinion. The European Court of Justice will decide the case later. It follows the advice of its advocates general about half the time.
A lower court, the Court of First Instance, decided in September 2006 that the European Commisison was right to fine ADM in 2002 for participating in global cartels for sodium gluconate, used to clean glass and metal, and citric acid, a preservative for jams and drinks.
ADM had to pay 10.1 mililon euros in the sodium gluconate case and and 36.7 million euros in the citric acide case.
Since that time fines in cartel cases have escalated. (Reporting by David Lawsky, editing by Paul Taylor)
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