Reuters: Regulatory News: Schindler loses appeal against 143 mln euro EU cartel fine

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Schindler loses appeal against 143 mln euro EU cartel fine Jul 18th 2013, 10:02 BRUSSELS, July 18 | Thu Jul 18, 2013 6:02am EDT BRUSSELS, July 18 (Reuters) - Swiss lift and escalator maker Schindler lost an appeal against a 143 million euro ($188 million) cartel fine on Thursday after Europe's highest court upheld the 2007 sanction by European Union antitrust regulators. Schindler, Kone, ThyssenKrupp, United Technologies Corp's Otis unit and Mitsubishi Elevator Europe B.V. were fined a total of 992 million euros, a record figure at the time, by the European Commission. The EU competition authority said the lifts and escalators cartel rigged bids for procurement contracts, fixed prices and shared markets between 1995 and 2004. Schindler later challenged the EU fine at the General Court in Luxembourg, Europe's second-highest, but judges rejected its arguments in a 2011 ruling. The EU Court of Justice (ECJ) similarly dismissed its appeal. "The Court upholds the fine imposed on the Schindler group for its participation in the cartel on the elevator and escalator market," the court said in a statement. Schindler shares were trading 0.4 percent up at 134 Swiss francs.

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