Intel seeks €593m in interest from EU

Landmark ruling ordered the EU executive to pay default interest on reimbursed fines in annulled antitrust cases

The EU antitrust fine was handed down to Intel 12 years ago for trying to squeeze out a rival. Picture: Photocall Ireland

Chipmaker Intel has filed a claim for €593m in interest from the European Commission, five months after it convinced Europe's second-top court to scrap a €1.06bn EU antitrust fine, an EU filing on Monday showed.

Europe's top court paved the way for such damage demands last year in a landmark ruling which ordered the EU executive to pay default interest on reimbursed fines in annulled antitrust cases.

Judges said late payment of interest will itself incur interest as well.

Intel in its application to the Luxembourg-based General Court said the commission, which acts as the competition watchdog in the 27-country European Union, had refused to reimburse the company the default interest.

The commission returned €1.06bn to Intel after its court defeat in January this year. The EU antitrust fine was handed down to Intel 12 years ago for trying to squeeze out a rival.

Intel said its claim is based on an interest rate equivalent to the European Central Bank's refinancing rate of 1.25% beginning from May 2009, and that this should be increased to 3.5% from August 2009 to February this year when the EU repaid the company fine, minus €38m in an interest amount paid to Intel by the commission.

• Reuters