Schneider Electric acknowledges the conviction of the European Commission by the Court of First Instance in Luxembourg
Rueil Malmaison, July 11, 2007 – Schneider Electric is pleased to learn of the judgment handed down today by the Court of First Instance of the European Court of Justice, which recognizes “the illegality of the prohibition of its merger with Legrand,” the “losses sustained” by the prohibition decision and, as a result, Schneider Electric’s right to compensation.
The Court emphasized that “the grave and manifest failure by the Commission to have regard to Schneider’s rights of defense constitutes a sufficiently serious breach of Community law to confer such a right.”
The Court has ordered the Commission to compensate two-thirds of Schneider Electric’s losses, as set by the experts to be appointed by the Court.
About Schneider Electric
Schneider Electric: Giving the best of the New Electric World to everyone, everywhere, at any time