🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Deutsche Telekom's €1.8 million interest compensation claim faces EU court challenge

EditorPollock Mondal
Published 2023-11-23, 05:56 a/m
© Reuters.
DTEGn
-

LUXEMBOURG - Deutsche Telekom AG (ETR:DTEGn) is currently involved in a legal dispute at the European Union's highest court over a claim for €1.8 million in compensation. This follows a previous appeal where the telecommunications giant had successfully reduced an antitrust fine imposed by the European Commission. The core of the dispute lies in the company's demand for default interest due to issues during the legal proceedings.

The case, identified as T-236/22, has wider implications as it could establish a precedent for how the EU handles similar future claims. Notably, this includes a substantial interest claim from Intel Corp (NASDAQ:INTC)., which is seeking €593 million after a significant fine reversal by the commission.

Today, Advocate General Anthony Collins of the EU Court of Justice in Luxembourg presented a non-binding opinion recommending the dismissal of Deutsche Telekom (OTC:DTEGY)'s request for compensation. The company had initially been fined €31.1 million for engaging in practices that obstructed competition among internet service providers but managed to have the penalty reduced by €12 million upon appeal. Following this reduction, Deutsche Telekom is now seeking interest on the amount repaid to them.

The outcome of this legal confrontation is being closely watched, as it will influence how financial adjustments are handled in cases where companies successfully appeal against fines levied by the European Commission. The decision of the EU Court of Justice on whether to uphold or overturn Advocate General Collins' opinion will be pivotal for Deutsche Telekom and other corporations involved in similar litigation with EU regulatory bodies.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.