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A European Commission appeals court, the Court of First Instance, has lowered fines against BASF and Daiichi Pharmaceutical relating to fixing vitamin prices. The European Commission levied the fines in 2001. The court rejected the majority of the two companies' arguments, but ruled that the EC had committed certain errors when calculating the fines. The total of eight fines for BASF was cut from $354.7 million to $283.6 million, and the single fine for Daiichi was reduced from $28.0 million to $21.6 million. The EC had handed down fines against all companies involved in the case totaling $1.02 billion at current exchange rates.
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