September 22
2021
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Emilija Berzanskaite
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13th September 2021
Banking & Finance Competition & State Aid

Banks seek annulment of the Commission’s decision sanctioning the applicants for their participation in European Government Bonds-trading cartel

Three actions brought before the General Court by Bank of America and Bank of America Corporation (T-456/21), UniCredit and UniCredit Bank AG (T-453/21) and Portigon (T-462/21) against the European Commission have been published in the Official Journal. 

The actions seek the annulment of the Commission’s decision of 20 May 2021 (AT.40324), which imposed fines totaling 371 million euros on seven investment banks for participating in the European Government Bonds-trading cartel, in so far as it concerns the applicants.

All the applicants contend that the Commission erred in law and assessment when finding that the applicants participated in a single and continuous infringement in breach of Article 101(1) TFEU. Bank of America

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