On 27 January 2021, the Court of Justice dismissed in its entirety an appeal by the Goldman Sachs Group (“Goldman Sachs”) against a General Court judgment upholding a European Commission’s decision finding Goldman Sachs jointly and severally liable for the conduct of its subsidiary, Prysmian SpA (“Prysmian”), in the 2014 Power Cables cartel case. Between 29 July 2005 and 28 January 2009, Goldman Sachs was the indirect parent company of Prysmian, through its subsidiary GS Capital Partners V Funds (“GSCPVF”) and various other intermediate companies. Although GSCPVF’s shareholding in Prysmian was initially 100%, this decreased following two divestments made in September 2005 and July 2006, initially to 91.1% and then to 84.4% (the “pre-IPO period”)). In the post-IPO period (as of the end of
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The EU Court of Justice confirms the rebuttable presumption of decisive influence for parent companies controlling 100% of voting rights in subsidiary (Goldman Sachs)
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