Judgment of the General Court of 20 December 2023 – Crédit agricole and Crédit agricole Corporate and Investment Bank v Commission

(Case T-113/17) 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 Benchmark Rates – Exchange of confidential information – Restriction of competition by object – Single and continuous infringement – ‘Hybrid’ procedure staggered over time – Presumption of innocence – Impartiality – Fines – Basic amount – Value of sales – Article 23(2) and (3) of Regulation (EC) No 1/2003 – Obligation to state reasons – Amending decision supplementing the statement of reasons – Equal treatment – Unlimited jurisdiction)

Language of the case: French

Parties

Applicants: Crédit agricole SA (Montrouge, France), Crédit agricole Corporate and Investment Bank (Montrouge) (represented by: J.-P. Tran Thiet, M. Powell and J. Jourdan, lawyers)

Defendant: European Commission (represented by: M. Farley and T. Baumé, acting as Agents, and by N. Coutrelis, lawyer)

Re:

By their action under Article 263 TFEU, the applicants seek, first, the 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 (Case AT.39914 – Euro Interest Rate Derivatives (EIRD)) and, second, in the alternative, the reduction of the fine imposed on them in that decision. Furthermore, they seek the annulment of Commission Decision C(2021) 4610 final of 28 June 2021 amending the contested decision (‘the amending decision’) or, failing that, a declaration that the latter decision could not remedy the inadequate statement of reasons of the contested decision.

Operative part of the judgment

The Court:

Annuls Article 2(a) 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));

Sets the amount of the fine for which Crédit agricole SA and Crédit agricole Corporate and Investment Bank are jointly and severally liable at EUR 110 000 000;

Dismisses the action as to the remainder;

Orders each party to bear its own costs.

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¹     OJ C 231, 17.7.2017.