Intel Wants $625 Million in Interest From the EU After Overturned Antitrust Fine

[TheLostSwede]

Back in January, Intel overturned an antitrust ruling by the EU and didn't have to pay the $1.2 billion fine, but it seems like the company isn't satisfied with getting out of having to pay a huge fine, but is now asking the EU to compensate the company for interest lost. As such, Intel has filed for "payment of compensation and consequential interest for the damage sustained because of the European Commissions refusal to pay Intel default interest" with the EU General Court. The sum of money Intel is asking for is based on the European Central Bank's refinancing rate and as the original fine was levied back in 2009, Intel claims they're owed more than half of the value of the fine.

Intel is also expecting further interest on the money, if the payment is late from the EU. It should be noted that the European Commission has already paid Intel €38 million in interest on the fine that was paid back in 2009, but Intel is clearly not happy and is asking for a much greater sum. However, the battle between the European Commission and Intel isn't over, as the Commission is working on appealing the ruling, so depending on the outcome of that appeal, Intel might have to pay back the fine to the EU. For those that don't remember the original reason for the antitrust fine, Intel was accused of giving rebates to certain partners and system integrators to make sure they didn't use AMD products in their systems, among other things.



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[lexluthermiester]

This is unlikely. Even though Intel won, their "iffy" business practices are what started all of this and that's just how the cookie crumbles. The EU owes Intel nothing.

Do better Intel and governments won't be coming after you in the first place..

 

[Steevo]

Who knew government of bureaucracy committee wasn’t fiscally responsible

 

[Patriot]

Intel has been doing it again... even bragging about it.

 

[trsttte]

It sounds bad but I'd say it's a pretty standard request after they reversed the fine - that was the real error

 

[Dimitriman]

Kinda feel that EU deserves this for reversing a good governance decision due to monetary conflict of interest (encouraging Intel investments in EU). Intel wants to take a triple whammy to the bank: EU funding + fine reversal + interest payment.

 

[R0H1T]

So Pat's continuing the tradition of same old same old at the "new" Intel

 

[ARF]

Intel has not won anything yet.

The European Commission said Wednesday that it appealed the EU General Court's annulment of its €1.06 billion antitrust fine on U.S. chip maker Intel to the bloc's highest court.

Brussels appeals Intel antitrust case to top court – POLITICO

 

[Steevo]

Kinda feel that EU deserves this for reversing a good governance decision due to monetary conflict of interest (encouraging Intel investments in EU). Intel wants to take a triple whammy to the bank: EU funding + fine reversal + interest payment.

Kinda makes you wonder who is getting kickbacks, a nice cushy consulting job after their time in office, family favors, trusts and nonprofit diversity investments for their hard work in enriching Intel.

 

[Deleted member 24505]

if it's about making money, trample the competition to do it, otherwise be happy losing to the competitors, Intel are good at making money

 

[lexluthermiester]

Intel has not won anything yet.

The European Commission said Wednesday that it appealed the EU General Court's annulment of its €1.06 billion antitrust fine on U.S. chip maker Intel to the bloc's highest court.

Brussels appeals Intel antitrust case to top court – POLITICO

Nice!

if it's about making money, trample the competition to do it, otherwise be happy losing to the competitors, Intel are good at making money

Competing is one thing. Being cut-throat and unethical is another. Intel, like microsoft, has crossed that line many times. They deserve to get bum-rushed with a legal member big enough for a whale to feel it.

 

[Upgrayedd]

Hell yeah, eat em alive Patty G

 

[lexluthermiester]

Patty G

Who?

 

[zlobby]

Intel has been doing it again... even bragging about it.

If they could get away with it after all these years, why stop now?

 

[AusWolf]

Okay then... I think every government in the world needs to pay me an infinite amount of money as interest for all the fines I didn't pay.

Seriously, this is ridiculous.

 

[AnarchoPrimitiv]

Intel is terrible, and whatever happens, I think the EU should tell them to shove it

 

[Why_Me]

Get your money Intel and make Brussels cry.

 

[Denver]

Oh man... I thought the laws in Europe worked. Even in such an obvious case, intel still managed to win... the justice system around the world is incompetent, bureaucratic and slow.

 

[Deleted member 24505]

I often wonder if it is because some govs don't want to shoot themselves in the foot by pissing off the big corp that sells them huge amounts of CPU's servers etc. Or maybe it is just about money and us plebs mean fuck all to the Govs/big corps really. If you look back in time to medieval times in europe, kings were as gods and us peasant types smelled of dung and meant as much. Has anything really changed.

 

[zlobby]

I often wonder if it is because some govs don't want to shoot themselves in the foot by pissing off the big corp that sells them huge amounts of CPU's servers etc. Or maybe it is just about money and us plebs mean fuck all to the Govs/big corps really. If you look back in time to medieval times in europe, kings were as gods and us peasant types smelled of dung and meant as much. Has anything really changed.

Yes. The perfume was invented and many people even today think that it equals a shower.

 

[AusWolf]

Oh man... I thought the laws in Europe worked. Even in such an obvious case, intel still managed to win... the justice system around the world is incompetent, bureaucratic and slow.

The laws in Europe? Work? Sorry, that made me laugh.

The problem is, there's way too many of them, they're way too restrictive of one's personal freedom, thus they create obscurity and controversy instead of order.

 

[Fluffmeister]

Get your money Intel and make Brussels cry.

Good old Brussels, we will sue you until you invest, they love a level playing field.

Intel is terrible, and whatever happens, I think the EU should tell them to shove it

The EU desperately want Intel to build another fab in their superstate, seems Germany are the ones once again to throw billions of tax payers cash at a successful multi-billion US corp.

 

[qubit]

I remember this case... all the way from 2009, 13 years ago. Wow, these big cases never really end, do they?

It's obvious that Intel's ways are dodgy and should never have won that appeal. I hope the EU never pay them a penny.

 

[DeathtoGnomes]

Intel must be hurting for cash to pull such crap like this. Intel being a crybaby here.

 

[Dr. Dro]

Intel must be hurting for cash to pull such crap like this. Intel being a crybaby here.

No corporation will skip on a payout of half a billion dollars from government, especially after they're effectively acquitted of the wrongdoing they were accused of. In fact, if I worked for Intel's legal team, i'd also probably seek an injunction for damages as well. They can probably make more than just 625M from that, and i'll tell you what, "no need to pay us, just add that to the tax rebate for our fab investments in Germany".

maybe it is just about money and us plebs mean fuck all to the Govs/big corps really. If you look back in time to medieval times in europe, kings were as gods and us peasant types smelled of dung and meant as much. Has anything really changed.

Bingo, and I'm afraid nothing has really changed. The world is dangerously close to another "Let them eat cake" moment.