NEW YORK—The European Court of Justice has refused to reduce a $115.3-million rubber cartel fine against Eni S.p.A., in a long-running dispute over the European Union's watchdog's decision to fine several companies that made chloroprene rubber in 2007.
In 2007, the European Commission handed down a collective $264.1 million in fines against tochloroprene rubber producers, including Eni, Dupont and Dow Chemical Co., for a decade's worth of alleged market-sharing and price-fixing.
According to reports, the ECJ also rejected the European Commission's efforts to reinstate about $28 million that a lower court slashed from the penalty.
Eni and Versalis S.p.A., which were held jointly and severally liable for the original $143.5 million fine, had urged the ECJ to reduce further or completely overturn the fine.
The companies claimed the EC and the lower court incorrectly had held Eni responsible for its former unit's conduct and erred in deciding that the companies' role in the alleged cartel had continued into 2002.