Microsoft Faces Fresh Fines
Updated from 8:21 a.m. EDT
European regulators hit Microsoft (MSFT) with another stiff fine Wednesday, saying it has failed to comply with its 2004 antitrust settlement.
The European Union Commission fined Microsoft $357 million and warned of additional penalties of nearly $4 million a day starting next month if the company remains out of compliance. Regulators say Microsoft hasn't made good on a pledge to provide other software makers source code for its Windows operating system.
Shares of Microsoft were recently off 27 cents, or 1.2%, to $22.83.In March 2004, the EU regulators fined Microsoft more than $500 million and imposed the source-code requirement after finding the software company had abused its dominant position in the software industry to hamper competition. Microsoft said it would appeal the fine, which it said is unfair and excessive. The company said it didn't receive a clear definition of what regulators wanted until April and, with 300 employees working on compliance since then, has met "nearly all those requirements" in the three months since. "The record will show that Microsoft has acted in good faith to comply with the commission's decision," the company said. "We delivered thousands of pages of technical documents from December 2004 onward. When it became clear there were disagreements over the technical documentation requirements, we pressed for greater clarity, we delivered revisions promptly, we offered unlimited technical assistance, and we even made our source code available to competitors in an effort to resolve the impasse."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV