GPG and its subsidiary Coats reject the allegations and made written pleadings as well as an oral submission on July 7 last year.
In its 2011 annual report, GPG said it was adequately provisioned for the fine but it declined to say what those provisions were.
"The directors believe that disclosure of additional information regarding these provisions could be expected to prejudice seriously the group's position," the report stated.
John Hawkins, chairman of the Shareholders Association, said it seemed unlikely the decision would be overturned.
"I'm not holding my breath over the result," Hawkins said. "The best they can hope for is a reduction."
Hawkins said that if the fine was not reduced it would not have a big impact on the company's balance sheet as it was provided for.
"But if it was to be overturned there could be significant extra money available for shareholders.
"I'm hoping for the best but not expecting it."
GPG is in the process of winding down, selling off its assets and returning money to shareholders.
Hawkins said it had taken a very long time to reach a resolution on the case, which dated back to business Coats had undertaken in the 1990s.
"It has taken a very long time to be resolved.
"Anyone who has bought shares in the company should have known about this."
Shares in GPG closed steady at 45.5c yesterday.
