The EU Court of Justice upholds Commission’s decision in a banking group cartel case, and gives guidance on presumption of innocence in hybrid settlements (HSBC)

On 12 January 2023, the Court of Justice of the European Union (“ECJ”) dismissed an appeal lodged by HSBC against a General Court judgment partially upholding the Commission’s decision in the Euro interest rate derivatives (“EIRD”) cartel case. In 2013, the European Commission adopted a decision under its settlement procedure against four banks for participating in a cartel in the EIRD sector in breach of Article 101 TFEU (the “settlement decision”). Three other banks,