The Court of First Instance (CFI) dismissed most of Automobiles Peugeot SA and Peugeot Nederland NV's (Peugeot) appeal at a hearing on 9 July 2009. However, the Court did reduce Peugeot’s fine of €49.5 million by 10%, to €44.55 million. The fine was originally imposed by the European Commission in 2005, when Peugeot and its Dutch import subsidiary were found to have devised an anti-competitive strategy to hinder car dealers from selling Peugeot cars in other Member States, in order to maintain prices. In its appeal, Peugeot argued that the Commission had incorrectly assessed the anti-competitive effects of its conduct. It argued that the reduction in Peugeot's exports was a consequence of: abnormally high exports in the preceding years following the launch of particularly attractive new vehicle models; and the reduction of price differences between the Netherlands and other EU countries. The CFI considered that the Commission had been correct in concluding that the breach was serious, even though Peugeot had not introduced an outright ban on exports. However, the CFI supported Peugeot's claim that the Commission had not sufficiently considered the role of diminishing price differentials and reduced the level of Peugeot's fine accordingly.