GPG's Coats loses appeal on European market-fixing

Wed, 27 Jun 2012

By Pattrick Smellie June 28 (BusinessDesk) - Global thread-maker Coats, Guinness Peat Group's largest remaining asset, has lost a crucial appeal in the European Court of Justice and faces fines and interest totalling 138 million euros, well in excess of provisioning. Coats had appealed an original decision that found in 2007 that the company entered into a market sharing agreement in the European haberdashery market between 1977 and 1998. Coats maintains the allegations are "unfounded" and described the judgment as "extremely disappointing."...

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