Intel (INTC), FTC Looking to Settle; File to Suspend Trial Proceedings

In an effort to negotiate an orderly settlement, Intel (NASDAQ: INTC) has filed a motion to suspend the FTC's proceedings of a case in which the agency has accused the company of abusing its place at the top of the market.

In December, the U.S. government alleged that Intel was illegally hindering its competition with marketing practices that looked to help the company maintain its position as the No. 1 builder of microprocessors in the world.

The FTC said that the chip maker had been trying to stifle its rivals, including Advanced Micro Devices (NASDAQ: AMD), since 1999. In November, Intel agreed to pay AMD $1.25 billion to settle the litigation between the two rivals.

According to Intel, the motion opens a window for negotiations through July 22, during which time Intel will work with the FTC to review and discuss the consent order. The terms of the proposed order were not disclosed and the company said that it will make no further comment on the matter.

Intel did add that it is possible that the FTC will continue with its case if the two parties fail to reach a settlement.

Shares of Intel are down 4 cents to $21.15 in midday trading.

You May Also Be Interested In

• Top CPU stocks to buy as analysts say "renaissance thesis is playing out"
• DraftKings launches $600M term loan and $750M revolving credit facility
• United Therapeutics completes enrollment in PPF lung fibrosis trial