Google appeals $2.4 billion European Union antitrust fine

Ellington Financial book value stable in August

Google has appealed against a record €2.4bn antitrust fine imposed by the European Commission in June. Following this, Google submitted details of its offer to the European Union last week, which the anti-trust chief said her teams were carefully evaluating.

And while the two cases are clearly different - and the Intel verdict remains a partial one at this stage (the sanction has not been overturned as yet) - it's certainly unusual for Europe's courts to rule against Commission verdicts, offering some hope to Google's lawyers they can successful argue against the regulator's rationale. Justice grinds slowly and any ruling from the General Court can also be appealed at the bloc's highest tribunal, the EU Court of Justice.

Google has already said it will comply with the changes to vertical search that Brussels requested, and has until September 27 to explain how it will put these into practice. A Google spokesperson confirmed the appeal filed but denied making any further comments.

The EU Court of Justice told a lower tribunal last Wednesday to re-examine United States chipmaker Intel's appeal against a 1.06 billion euro fine, dealing a rare setback to the Commission.

"Instead, Google abused its market dominance as a search engine by promoting its own comparison shopping service in its search results, and demoting those of competitors", she said.

The fine had come less than a year after Danish commissioner Margaret Vestager had announced an order that iPhone manufacturer Apple repay €13 billion in back taxes to Ireland - against Dublin's wishes.

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