Vestel Electronics and its subsidiaries have achieved a significant victory in a 2 billion Euro lawsuit filed in the Netherlands due to unfair competition. Within the scope of the lawsuit against Samsung and LG, Vestel announced that it has won 684.4 million Euros (approximately 21 billion TL) in compensation.
Vestel’s Victory in Compensation against Samsung and LG
Vestel previously accused competitors such as Samsung, LG, and Technicolor of unfair competition. As a result, they filed a lawsuit in the Eastern Brabant Regional Court in the Netherlands. The court partially accepted the lawsuit and imposed penalties on Samsung and LG.
European Union reached a decision on artificial intelligence regulations. When the regulations come into effect, companies will be affected.
As part of the ruling, the defendant companies were ordered to pay Vestel 684.4 million Euros in compensation. It is expected that this lawsuit will have a positive impact on the company’s international operations.
The statement made by the company to the Public Disclosure Platform (KAP) is as follows:
“Our company Vestel Electronics Industry and Trade Inc. (Vestel), our 100% subsidiary Vestel Trade Inc. and Vestel’s related overseas subsidiaries (Vestel Holland B.V., Vestel CIS Ltd., Vestel Trade Ltd., Vestel Electronica S.R.L., Vestel France S.A.S., Vestel Holland B.V. Sucursal En Espana, Vestel Holland B.V. Germany Branch Office, and Vestel Holland B.V. UK Branch Office) acting as plaintiffs; and Samsung, LG group companies, Technicolor S.A., TTD International S.A.S, and TDP SP. Z.O.O. acting as defendants, in the total 2.053.200.000 EUR compensation case filed before the Eastern Brabant Regional Court for competition law-related matters, the lawsuit was partially accepted and partially rejected.
According to the decision, two defendants in the lawsuit (TTD International S.A.S and TDP SP. Z.O.O.) were ordered to pay compensation in the amount of 684.400.000 EUR in our favor; whereas, the lawsuit was dismissed with regard to other defendants. The decision of the Dutch first instance court and the amounts specified in the decision are not yet final, and the parties to the lawsuit have the right to appeal the decision. Our company will exercise our right of appeal within the legal period concerning the part of the decision ruled against us.”
So what do you think about this subject? You can share your ideas with us in the Comments section below.
