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Intel says the EU owes it money

by on21 June 2022

Don't make us come and get it

US chipmaker Intel claims the EU owes it 593 million euros ($624 million) in interest, five months after it convinced Europe's second-top court to scrap a 1.06-billion-euro EU antitrust fine.

Europe's top court paved the way for such damage demands last year in a landmark ruling which ordered the EU executive to pay default interest on reimbursed fines in annulled antitrust cases.

Judges warned that late payment of interest will itself incur interest as well.

Intel in its application to the Luxembourg-based General Court said the Commission, which acts as the competition watchdog in the 27-country European Union, had refused to reimburse the company the default interest.

The Commission returned $1.2 billion to Intel after its court defeat in January this year.

Intel said its claim is based on an interest rate equivalent to the European Central Bank's refinancing rate of 1.25 per cent beginning from May 2009, and that this should be increased to 3.5 per cent from August 2009 to February this year when the EU repaid the company fine, minus 38 million euros in an interest amount paid to Intel by the Commission.


Last modified on 21 June 2022
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