I don't understand how the European Union is allowed to prosecute and impose penalties (such as those in antitrust cases) against companies located in the United States. What gives them that authority. Also, what would happen if the US company just said FU and didn't show up in court and didn't pay the fine?
The big O, no not Oprah invited them to do it.
They can only do so, for US corporations that operate or sells products in the EU.
They have no authority over a US corporation that does not operate or sell products in the EU.
IE: just like Nissan and Toyota have to obey US Federal regulations on cars they sell in the US.
As to what would happen if a US corporation that did business in the EU, said FU.
Then the EU could stop that corporation from selling product in the EU or place punutive tariffs on that companies products.
IE: making them lose the business they have in the EU.