EU court slashes Parker's €26m fine over marine hose cartel

New York – A European Union court last week slashed an antitrust fine against Parker ITR Srl from €25.61 million to €6.40 million for its role in a marine hose cartel, but it upheld penalties against two other companies, reports Melissa Lipman of Law360.

The EU's General Court agreed on 17 May to cut the fines against Parker ITR and ParkerHannifin after finding that the European Commission had inappropriately tried to hold Parker liable for all of the violations committed by a subsidiary it acquired from an unrelated company.

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Full report from Law360