Intel claims for $624 million interest on overturned EU fine

Intel has filed a claim for $624  million interest on the $1.2 billion fine  it paid to the EU in 2009 for alleged abuse of its monopoly position. 

The fine was overturned in January this year and the EU returned the $1.2 billion to Intel in February.

Now Intel has filed a claim in the EU’s General Court claiming interest on the fine from May 2009 to February 2022.

The court has already ruled that the EC  would need to pay default interest for fines that have been overturned and reimbursed. The court also said that late payments on interest would incur further interest

Intel’s claim is is based on the ECB’s refinancing rate of 1.25%  from May to August 2009, rising to 3.5%  from August 2009 till February 2022.

Intel is due to receive $7.3 billion subsidy from Germany for a $19 billion investment in a fab site in Magdeburg which is part of a $33 billion investment in Europe announced by Intel.