ECJ Denies Iranian Company's Bid for Higher Damage Payments Due to Sanctions Listing
The European Court of Justice dismissed an appeal brought by Iranian company Fulmen that sought greater damage payments than had previously been awarded to it by the EU General Court. In a recent judgment, the ECJ said that the General Court was right to find that Fulmen hadn't established a sufficient link between its designation and the alleged damaged suffered, and that other reasons could explain the dip in its market shares. Further, the court said that the General Court sufficiently backed its reasons for determining the level of compensation that it did.
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Fulmen was originally listed for its involvement in installing electrical equipment in an Iranian nuclear site. The General Court then annulled this listing and eventually awarded the company over $56,000 for reputational damage due to its inclusion on the sanctions list. Fulmen then sought $7 million in material damages in its appeal.