The EU General Court annuls a €33.6 million fine imposed in relation to the Euro Interest Rate Derivatives cartel because of the Commission’s insufficient reasoning on the applied calculation method (HSBC)

In yet another bank cartel case, the EU General Court (“GC” or “the Court”) takes a position consistent with its previous case law [1] as regards the right to defence of the parties and annuls the fine imposed on HSBC due to insufficient reasoning. In addition, the GC assesses the conditions for liability in case of a single and continuous infringement, finding that HSBC participated in such anticompetitive behaviour jointly with other establishments, and confirms that the manipulation of the Euribor rate as well the exchanges on pricing lists (mids) between traders can be qualified as ‘by object’ restrictions. I. Parties HSBC Holdings plc, HSBC Bank plc and HSBC France are part of the HSBC group (“HSBC”), a banking group present all around the world via numerous subsidiaries, branches and

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Adeline-Raluca Toader, The EU General Court annuls a €33.6 million fine imposed in relation to the Euro Interest Rate Derivatives cartel because of the Commission’s insufficient reasoning on the applied calculation method (HSBC), 24 septembre 2019, e-Competitions Due Process Research Program, Art. N° 92860

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