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United Kingdom

EU competition daily round-up: General Court dismisses HSBC Euribor appeal; Commission clears JBT/Marel and Novo Nordisk Foundation/KKR-Sylvan; new merger notifications; Vestager on IPCEI State aid

Published on: 27 November 2024

Published by a LexisNexis Competition expert

Legal News

Article summary

Antitrust General Court dismisses HSBC’s appeal against the Commission’s re-adopted Euribor cartel fine

The General Court delivered its judgment in Case T-561/21, HSBC Holdings and Others v Commission, concerning an action challenging the Commission’s re-adopted decision of 28 June 2021, which identified an infringement and levied penalties on HSBC for its conduct in the Euro interest rate derivatives market (Case SA.39914). The General Court dismissed the appeal in its entirety and thereby affirmed the revised fine.

Commission’s 2016 decision

In December 2016, the Commission issued a decision concluding that Crédit agricole, HSBC and JPMorgan Chase had taken part in a single and continuous infringement that restricted and/or distorted competition in the Euro Interest Rate Derivatives (EIRD) market (Case SA.39914) (the Commission’s 2016 decision). For that infringement, the Commission imposed a fine of €33.6m on HSBC.

Appeal against the Commission’s 2016 decision (Case T- 105/17)

In February 2017, HSBC subsequently brought an appeal (Case T-105/17) against the Commission’s 2016 decision before the General Court. In September 2019, the General Court handed down its judgment, in which it broadly upheld the Commission’s finding that HSBC had participated in the EIRD cartel...

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