Otis Settles Italy Antitrust Investigation with $1.6M Refund
ROME (Reuters) -Italy's competition authority (AGCM) has closed its investigation into Otis, it said on Thursday, after the U.S. elevator maker said it would refund Italian customers to the tune of around 1.45 million euros ($1.6 million).
The company agreed to the payment without admitting any guilt, AGCM said in its ruling.
The regulator's investigation over alleged unfair commercial practices had been launched in October.
Otis was accused of installing devices on elevators that offered extra services for a fee without the explicit consent of customers, failing to meet deadlines for new installations, and handling maintenance and renovation requests inadequately.
The agreed refunds will benefit about 7,700 customers, including private residents' associations and small businesses, AGCM said in a statement.
In addition, the company agreed to abstain from installing on its lifts any accessories that entail the payment of an additional fee without the express consent of customers, and to improve its customer service.
($1 = 0.9080 euros)
(Reporting by Philippe Leroy Beaulieu; Editing by Alvise Armellini and Jan Harvey)
