The Court of First Instance (CFI) has rejected the requests of 10 producers of carbonless paper for annulment of a decision by the European Commission fining them a total of EUR313.7m in 2001 for participation in a cartel. However, the court has reduced some of the fines. In particular, the fine imposed on Argo Wiggins Appleton Plc was reduced from EUR184.3m to EUR141.8m as the court considered that the company deserved a higher fine reduction for cooperation with the Commission. Papelera Guipuzcoana de Zicuñaga SA’s fine was also reduced from EUR.1.54m to EUR1.31m because the court found that the Commission had not established that the company participated in market sharing practices. The companies’ arguments that the cartel duration had been overestimated, the cartel had only limited effects on the market and that the Commission had erred in calculating the fines and defining the roles played by various undertakings were rejected by the CFI.