Judgment of the General Court of 24 September 2019 — HSBC Holdings and Others v Commission

(Case T-105/17) ¹

(Competition — Agreements, decisions and concerted practices — Euro Interest Rate Derivatives sector — Decision establishing an infringement of Article 101 TFEU and Article 53 of the EEA Agreement — Manipulation of the Euribor interbank reference rates — Exchange of confidential information — Restriction of competition by object — Single and continuous infringement — Fines — Basic amount — Value of sales — Article 23(2) of Regulation (EC) No 1/2003 — Obligation to state reasons)

Language of the case: English

Parties

Applicants: HSBC Holdings plc (London, United Kingdom), HSBC Bank plc (London), HSBC France (Paris, France) (represented by: K. Bacon QC, D. Bailey, Barrister, M. Simpson, Solicitor, and Y. Anselin and C. Angeli, lawyers)

Defendant: European Commission (represented by: M. Farley, B. Mongin and F. van Schaik, acting as Agents, and B. Lask, Barrister)

Re:

Application pursuant to Article 263 TFEU seeking, first, annulment in part of Commission Decision C(2016) 8530 final of 7 December 2016 relating to a proceeding under Article 101 TFEU and Article 53 of the EEA Agreement (AT.39914 — Euro Interest Rate Derivatives) and, second, a variation of the amount of the fine imposed on the applicants.

Operative part of the judgment

The Court:

Annuls Article 2(b) of Commission Decision C(2016) 8530 final of 7 December 2016 relating to a proceeding under Article 101 TFEU and Article 53 of the EEA Agreement (Case AT.39914 — Euro Interest Rate Derivatives (EIRD));

Dismisses the action as to the remainder;

Orders HSBC Holdings plc, HSBC Bank plc and HSBC France to bear their own costs;

Orders the European Commission to bear its own costs.

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¹         OJ C 112, 10.4.2017.