Benzinga | Jan 26, 2022 01:02PM EST

EU Top Court Overturns $1.2B Antitrust Penalty Against Intel

* General Court, a constituent court of the Court of Justice of the European Union, overturned a (euro)1.06 billion ($1.2 billion) antitrust fine levied against U.S. chipmaker Intel Corp (NASDAQ:INTC) in 2009.

* The commission alleged that Intel abused its dominant position on the worldwide market for "x86 2" data center processors between 2002 - 2007 by implementing a strategy intended to exclude competitors from the market.

* The Court stated that the commission didn't do a proper economic analysis of the rebates at issue.

* In 2014, the General Court upheld the commission's 2009 verdict.

* However, the EU Court of Justice told the commission in 2017 to re-examine Intel's appeal, CNBC reports

* Price Action: INTC shares traded higher by 2.51% at $52.28 on the last check Wednesday.