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NeXovation files lawsuit against EU decision on state aid for Nürburgring race circuit

( September 21, 2015, 10:46 GMT | Official Statement) -- MLex Summary: US company NeXovation, whose products include accessories for motorsports’ enthusiasts, has brought an action before the EU’s first-instance court to challenge a European Commission decision regarding German public funding of the Nürburgring race circuit. The EU’s competition authority last year found that the subsidies granted to the facility were incompatible with EU state-aid rules and gave the companies then owning or operating the site an undue competitive advantage. But as the assets of the insolvent companies had been sold in an open and transparent tender at their market value, the buyer of the complex was not liable to pay back the aid, the regulator said. NeXovation lost a bid to buy the complex and has now filed an action to challenge the tender process, among other pleas....

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