The EU Court of Justice dismisses appeal against the judgment of the General Court that had annulled the fines imposed by the Commission in the Yen Interest Rate Derivatives cartel case (ICAP)

On 10 July 2019, the Court of Justice of the European Union (the “ECJ”) delivered a judgment on an appeal lodged by the European Commission (the “Commission”) against the judgment of the General Court (the “GC”) that had annulled the fines imposed by the Commission on ICAP in the Yen Interest Rate Derivatives cartel case (Case C-39/18, Commission v. ICAP and Others). In 2015, the Commission found that ICAP, an operator active in brokerage services, had facilitated six cartels involving various banks on the Yen Interest Rate Derivatives market (see VBB on Competition Law, Volume 2015, No. 2). On appeal, the GC annulled the decision on the ground that the Commission had not provided sufficient evidence concerning its methodology for setting the fines (see VBB on Competition Law, Volume 2017,

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  • Van Bael & Bellis (Brussels)

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Richard Burton, The EU Court of Justice dismisses appeal against the judgment of the General Court that had annulled the fines imposed by the Commission in the Yen Interest Rate Derivatives cartel case (ICAP), 10 July 2019, e-Competitions Bulletin July 2019, Art. N° 91439

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