Europe’s highest court granted Arjo a penalty reduction because of the paper manufacturer’s co-operation in the case.
The court cut the penalties against the firm, which has UK operations, from £125.5m (€184.27m) to £96.78m.
The ECJ also lowered penalties against Papelera Guipuzcoana de Zicunaga, from £1.05m to £887,000, because the court had failed to show that Zicunaga had taken part in market-sharing practices.
But the ECJ rejected requests to annul the charges and denied appeals from other companies seeking fine reductions.
The European Commission launched the cartel investigation in December 2001 based on information from South African paper maker Sappi.
Ten paper firms were fined a total of £213.79m for taking part in price-fixing and market-sharing cartel activities.
EU's top court cuts fines for Arjowiggins over paper price cartel
The European Court of Justice (ECJ) has reduced fines against Arjowiggins and a Spanish paper firm in its investigation into price cartels in the carbonless paper sector.
