The EU General Court confirms that a bank investor was jointly and severally liable for the conduct of one of the cartelists (Goldman Sachs)

The General Court's ruling in Goldman Sachs' appeal in the power cables cartel confirms that the bank was jointly and severally liable for the conduct of Prysmian, one of the cartelists, because of the nature of its investment in the company. The General Court confirmed that the Commission was right to attribute liability on the basis of Goldman Sachs' shareholding in Prysmian, which was between 84% and 91%, but with Goldman Sachs holding 100% of the voting rights. In addition de facto decisive influence was established on the basis of the organisational, economic and legal links between the two companies. The General Court accepts that parental liability does not extend to purely financial investors who are not involved in the management or control of the company, but concluded that

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Authors

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

Quotation

Stephen Wisking, Kristien Geeurickx, Kyriakos Fountoukakos, The EU General Court confirms that a bank investor was jointly and severally liable for the conduct of one of the cartelists (Goldman Sachs), 12 July 2018, e-Competitions July 2018, Art. N° 93560

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