November 28
2021
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Emilija Berzanskaite
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25th October 2021
Competition & State Aid

General Court to hear an action against the re-adopted Commission decision in Euro Interest Rate Derivatives cartel case 

In HSBC Holdings and Others v Commission (T-561/21), the General Court will hear an action for annulment of the 2021 Commission Decision with which the Commission re-adopted the prohibition decision against HSBC Holdings in the case AT.39914 - Euro Interest Rate Derivatives (EIRD), after the 2019 partial annulment by the General Court of the initial infringement decision.

In December 2016, the Commission adopted a decision imposing fines on HSBC, and two other undertakings, Crédit Agricole and JPMorgan Chase, for their participation in the cartel on the market for the Euro interest rate derivatives. In September 2019, the General Court confirmed HSBC's participation in the cartel but annulled the fine for insufficient reasoning. I

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