EU Court Rejects ADM Challenge To Sodium Gluconate Cartel Fine

Europe's highest court Thursday upheld a EUR10.13 million antitrust fine imposed by the European Commission on U.S. agriculture giant Archer Daniels Midland Inc. (ADM) for participating in a sodium gluconate cartel with five other firms.

The commission penalty, announced in 2001, was for ADM's part in the cartel from 1991 to 1995.

The European Court of Justice dismissed ADM's four main arguments contesting a previous decision on the case from Europe's second-highest court, the Court of First Instance. Among the high court's arguments, it said the commission could use other measures besides a firm's annual sales of the product in question to set a cartel fine.

The ECJ did rule that the Court of First Instance distorted a piece of evidence but said the distortion wasn't significant.

A court adviser in May said the fine should be upheld.

"This judgment is important, because it confirms that the commission and the Court of First Instance correctly assessed the gravity of this cartel," the commission said in a statement.

-By Matthew Dalton, Dow Jones Newswires; [phone]; [e-mail]