The EU Commission fines three companies for participating in a cartel in the euro interest rate derivatives sector (Crédit Agricole / HSBC / JP Morgan Chase)

On 9 April 2019, the European Commission published the full text of its decision to fine Crédit Agricole, HSBC and JPMorgan Chase for participating in a cartel in the euro interest rate derivatives ("EIRD") sector. While four of the seven participating banks settled the case with the Commission in December 2013, these three banks did not settle and, following a full investigative procedure, the Commission eventually imposed fines totalling €485 million on the non-settling banks in December 2016. After lengthy proceedings in the European courts over publication of the non-confidential version of the Commission's decision, the Court of Justice finally determined in March 2019 that the Commission could proceed with publication. Although the Commission has now published a number of

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Authors

  • Herbert Smith Freehills (London)
  • Herbert Smith Freehills (London)
  • Herbert Smith Freehills (Brussels)
  • Herbert Smith Freehills (Paris)

Quotation

Susan Black, André Pretorius, Kyriakos Fountoukakos, Sergio Sorinas, The EU Commission fines three companies for participating in a cartel in the euro interest rate derivatives sector (Crédit Agricole / HSBC / JP Morgan Chase), 7 December 2016, e-Competitions December 2016, Art. N° 93532

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