The EU General Court affirms the Commission’s finding that financial investors have parental liability for the acts of an indirect subsidiary involved in the power cables cartel (Goldman Sachs)

On 12 July 2018, by its judgment in Case T-419/14 The Goldman Sachs Group v Commission, the GCEU entirely dismissed the appeal brought by The Goldman Sachs Group, Inc., against an EC decision in Case AT. 39610 Power Cables, fining Goldman Sachs EUR 37.303 million for its parental liability arising out of an infringement of EU competition law by one of Goldman Sachs’s former indirect subsidiaries. EC Decision On 2 April 2014, the EC imposed fines on suppliers of underground and submarine high-voltage power cables for their participation in a global market and customer sharing cartel. Prysmian Cavi e Sistemi Srl took part in the cartel from 18 February 1999 until 28 January 2009. Goldman Sachs was an indirect parent of Prysmian from 29 July 2005 until the end of the infringement by

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Auteurs

  • McDermott Will & Emery (Brussels)
  • McDermott Will & Emery (Paris)
  • McDermott Will & Emery (Brussels)

Citation

Philip Bentley, Jacques Buhart, Mai Muto, The EU General Court affirms the Commission’s finding that financial investors have parental liability for the acts of an indirect subsidiary involved in the power cables cartel (Goldman Sachs), 12 juillet 2018, Bulletin e-Competitions July 2018, Art. N° 89751

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