In an effort to speed up cases against companies accused of price-fixing, the European Union approved offering out-of-court settlements. In 2007, the EU levied 3.3 billion euros ($5.2 billion) in antitrust fines. Companies caught operating illegal price-fixing cartels will get a chance to avoid lengthy court procedures and settle the cases, following a European Commission decision on Monday, June 30. The new method "will reinforce deterrence by helping the (European) Commission deal more quickly with cartel cases, freeing up resources to open new investigations," EU Competition Commissioner Neelie Kroes said in a statement. The European Commission is responsible for enforcing the bloc's competition laws. Officials say that companies which the commission has found guilty of price-fixing often challenge the verdict in the European court -- not to dispute their guilt, but to get the fine reduced. This has forced commission officials to focus on the court cases rather than on further investigations.
Companies caught operating illegal price-fixing cartels will get a chance to avoid lengthy court procedures and settle the cases, following a European Commission decision on Monday, June 30.
The new method "will reinforce deterrence by helping the (European) Commission deal more quickly with cartel cases, freeing up resources to open new investigations," EU Competition Commissioner Neelie Kroes said in a statement.
The European Commission is responsible for enforcing the bloc's competition laws.
Officials say that companies which the commission has found guilty of price-fixing often challenge the verdict in the European court -- not to dispute their guilt, but to get the fine reduced. This has forced commission officials to focus on the court cases rather than on further investigations.
