Qualcomm Earns Legal Reprieve From EU Regulators Over Antitrust Ruling With An Apple Link

  • EU antitrust regulators do not look to challenge a court ruling scrapping its €997 million ($991 million) penalty against U.S. chipmaker Qualcomm Inc QCOMReuters reports.
  • The regulators found it challenging to convince Europe's top court of the merits.
  • In its June judgment, the Luxembourg-based General Court, Europe's second-highest, said procedural irregularities had affected Qualcomm's rights of defense. 
  • Also Read: Key Takeaways From Amazon's Antitrust Case Settlement With EU Regulators; UK Watchdog Launches Similar Probe
  • Judges also invalidated the Commission's analysis that payments made by Qualcomm to Apple Inc AAPL were anti-competitive because the regulator had not considered all the relevant facts.
  • In 2018, the EU imposed the penalty for paying Apple to use only its chips and block out rivals like Intel Corp INTC
  • The European Commission alleged Qualcomm engaged in anti-competitive practice between 2011 and 2016 by paying billions of dollars to Apple to use its chips in all its iPhones and iPads.
  • EU antitrust chief Margrethe Vestager handed out billion-euro fines to Alphabet Inc GOOG GOOGL Google and opened investigations into Amazon.com Inc AMZN, Apple, and Meta Platforms Inc META as part of her crackdown on Big Tech.
  • Price Action: QCOM shares traded lower by 1.23% at $136.88 in the premarket on the last check Monday.
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