12/4, 6:02 AM (Source: TeleTrader)
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Chart for: QUALCOMM Incorporated

Qualcomm $873M fine confirmed by S. Korean court

Qualcomm Inc.'s appeal on an $873 million fine by the Korea Fair Trade Commission (KFTC) was rejected on Wednesday by Seoul High Court Judge Noh Tae-ak.

An appeal to the Supreme Court remains an option for both sides. The fine represents a record penalty for South Korea and it was imposed in 2016 for breaching antitrust laws. LG Electronics Inc. is a major partner of the American chipmaker in the Asian country.

Previously, a United States court and the European Commission ruled that Qualcomm "abused its dominant position" on the market.

Breaking the News / MS