The EU General Court finds flaws in a Commission’s decision and quashes the €14.9m fine, but sustains underlying liability for “facilitation” of a cartel (Icap)

The General Court’s November 2017 judgment is not such welcome news to ICAP as it might first appear. ICAP’s appeal against a 2015 infringement decision was successful insofar as the fines imposed on it will now be trimmed, but in the main the General Court supported the European Commission’s substantive findings. These include the conclusion that ICAP acted as a facilitator to the Yen LIBOR cartel - a useful reminder that an undertaking needn’t benefit directly from an anti-competitive agreement to find itself liable in the eyes of the (competition) law. Background In a February 2015 decision (the Decision) the European Commission (the Commission) held that ICAP participated in infringements of Article 101 TFEU in connection with the manipulation of the London Interbank Offered Rate

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  • Simmons & Simmons (London)
  • Simmons & Simmons (London)

Quotation

Duncan Green, Charles Bankes, The EU General Court finds flaws in a Commission’s decision and quashes the €14.9m fine, but sustains underlying liability for “facilitation” of a cartel (Icap), 10 November 2017, e-Competitions Bulletin November 2017, Art. N° 85619

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