Qualcomm Wins EU Antitrust Lawsuit Over $1 Billion Fine -Breaking
According to Reuters’ report, Qualcomm (NASDAQ:), the US-based chipmaker, won an EU antitrust case.
This company won the fight against an EU regulatory fine in excess of 997M Euro (around $1.05Billion), which was imposed four years ago by EU regulators as part of their crackdown on large tech companies.
The EU Commission declared that Qualcomm had paid billions of dollars to Apple between 2011-2016 to exclusively use its chips in its iPhones, iPads, and other devices to freeze rivals like Intel (NASDAQ :).
At the time of the incident, several companies were penalized including Alphabet (NASDAQ) and Amazon (NASDAQ). Meanwhile, Apple (NASDAQ) is being investigated for anticompetitive practices.
But, Europe’s second highest court the General Court has rejected the EU Finding, blaming the EU regulator for the handling of this case.
According to Reuters the judge said that Qualcomm’s rights of defense were compromised by a series of procedural irregularities, which invalidated the Commission’s analysis.
“The Commission did not provide an analysis which makes it possible to support the findings that the payments concerned had actually reduced Apple’s incentives to switch to Qualcomm’s competitors in order to obtain supplies of LTE chipsets for certain iPad models to be launched in 2014 and 2015,” they added.
The EU Competition Enforcementr can appeal, and the Commission states that it will study the ruling to determine its implications.
In early Wednesday trading, Qualcomm stock gained 1.5%