The European Court of Justice (the "ECJ") has confirmed [1] the EU General Court’s (and the European Commission’s) finding that Goldman Sachs was jointly liable for the conduct of a former subsidiary, Prysmian, which the Commission fined for its involvement in the high voltage power cables cartel during Goldman Sachs' period of control. The ECJ judgment constitutes a stark warning to institutional investors to ensure portfolio companies that they acquire and control comply with competition law. Key takeaways: Institutional investors (e.g. banks, private equity firms and other investment companies) can face parental liability for EU competition law infringements, just like other corporate parents. To avoid this, investors have to demonstrate that they were ‘pure financial investors’ with
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The EU Court of Justice confirms that a parent company is jointly liable for the conduct of a former subsidiary involved in a cartel in the high-voltage power cable sector (Goldman Sachs)
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