Deutsche Telekom Wins EU Court Fight Over Unpaid Interest [BNN Bloomberg (Canada)]
DEUTSCHE TELEKOM AG S/ADR (DTEGY)
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Source: BNN Bloomberg
The EU's Court of Justice on Tuesday backed an earlier ruling from the bloc's lower-tier court, which awarded the company €1.8 million in compensation, finding that the European Commission should pay interest on part of the underlying penalty that had been cut on appeal. The European Commission in 2014 fined the company 31.1 million euros for stifling internet rivals. On appeal, a lower EU court cut the fine by about 12 million euros, which Deutsche Telekom has been repaid. But a dispute arose over the commission's refusal to pay back interest on the annulled part of the fine — because returns on the money had been negative for the time it was in EU coffers. The case runs a risk for EU regulators who are being ordered to pay interest on cartel fines they have to hand back, even though the fines they hold rarely gathers any interest and may even lose value. The appeal case is C-221/22 P, Deutsche Telekom v. Commission. ©2024 Bloomberg L.P.
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