Under Mexican law, Cofetel, the regulator, can set the interconnection price if rivals can't agree.
One Cofetel official said she felt like Mexico had just won a World Cup soccer game.
The commission, Cofetel, lifted the fine in early May after Telcel agreed to several conditions.
Until two years ago, the telephone regulator Cofetel was so cowed by Telmex it was jokingly called Cofetelmex.
When news of the court ruling broke, cheers erupted at both Cofetel and the antitrust agency, witnesses said.
Armed with these new powers, the telephone regulator, Cofetel, has at last succeeded in drastically reducing telephone interconnection fees.
One minister, Arturo Saldivar, before being named to the court, was Telcel's main lawyer in fighting Cofetel over interconnection rates.
Crucially, the company would keep charging its own rate rather than the Cofetel rate while the appeals process dragged on.
In March, Cofetel was joined in the case by lawyers for Televisa, Azteca and various Mexican government agencies in lobbying the judges.
To be fair to Cofetel, the odds were always stacked against it.
Cofetel said America Movil had agreed to five commitments as part of its efforts to appeal the fine, according to the Wall Street Journal.
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But every time Cofetel would set a lower price, Telcel would appeal in Mexico's Byzantine court system, where cases can often get tied up for years.
Although the government eventually set up a proper regulator for the telecoms industry (known as Cofetel) in 1996, this body has long been accused of being soft on Telmex.
Former Telmex employees still hold high-ranking positions at Cofetel.
America Movil issued a statement Wednesday saying it had been informed by Cofetel that the fine had been reversed, without going into detail about the concessions the company had made.
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