Business

Mitsubishi, Toshiba lose EU appeal

Kyodo

The European Court of Justice rejected two Japanese electronics makers’ appeals Thursday against a ruling that they participated in a cartel to fix the prices of components used in electric power transmission.

Mitsubishi Electric Corp. and Toshiba Corp. said in statements that they regret their arguments were not accepted in the final ruling on their sale of gas-insulated switchgears.

The appeals court upheld the July 2011 ruling by the General Court that acknowledged the two companies participated in a cartel involving 20 Japanese and European firms, as claimed by the European Commission in January 2007.

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