Key takeaways On 27 January 2021, the Court of Justice of the European Union (CJEU) issued its judgment in Goldman Sachs Group Inc. v European Commission (GS judgment) which confirms that PE sponsors can be held financially liable for competition law infringements committed by indirectly managed portfolio companies under EU competition regimes, including in Ireland. Notwithstanding the purely financial nature of portfolio company investments, the GS judgment means that PE sponsors and, by extension, asset/investment managers and other financial investors can be held jointly and severally liable for the payment of eye-watering levels of fines running into the tens and hundreds of millions for portfolio company conduct calculated based on the combined ‘group’ turnover of all managed
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The EU Court of Justice confirms that private equity sponsors can be held financially liable for competition law infringements committed by indirectly managed portfolio companies (Goldman Sachs)
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