Intel, chipmaker in the United States has now filed a claim for 624 million dollars in the interest from the European Commission, which has been five months after the company convinced the second-top court in Europe for scrapping a 1.06 billion euro European Union Antitrust fine.
The top court of Europe has paved the way for suck demands of the damage in 2021 in a landmark ruling which has now ordered the executive of the European Union for the purpose of paying the default interest on the reimbursed fines in the antitrust cases annually.
The judges said that, the late payment of the interest is itself incur the interest as well and in the application, the General Court said that, the European Commission, which is acting as the competition watchdog in the European Union had now refused for reimbursing the default interest of the company.
The European Commission has returned the 1.2 billion dollars to Intel after the court defeat in the month of January 2022. Intel said that, its claim has been based on an interest rate, which is equivalent to the refinancing rate of 1.25 percent of the Central Bank starting from the month of May 2009 and this should also be increased to 3.5 percent from August 2009 to February 2022 when the European Union has repaid the fine of the company.
Ram is a leading news contributor for IndustryWatch24 and specialises in writing about technology. His enthusiasm for the most recent technological advancements, such as Bitcoin and AI technology, among others, is evident in the most recent industry coverage he offers. He currently presents his analysis of popular business and technological fields, which gives his writing a present and unique perspective.