Judgment of the General Court of 20 December 2023 – JPMorgan Chase and Others v Commission

(Case T-106/17) 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 – Proportionality – Unlimited jurisdiction)

Language of the case: English

Parties

Applicants: JPMorgan Chase & Co. (New York, New York, United States), JPMorgan Chase Bank, National Association (Columbus, Ohio, United States), J.P. Morgan Services LLP (London, United Kingdom) (represented by: B. Tormey, A. Holroyd, L. Ream, N. French, N. Frey, D. Das, D. Hunt, N. English, Solicitors, M. Lester KC, D. Piccinin and D. Heaton, Barristers)

Defendant: European Commission (represented by: F. van Schaik, T. Baumé and M. Farley, acting as Agents)

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 of the Treaty on the Functioning of the European Union and Article 53 of the EEA Agreement (Case AT.39914 – Euro Interest Rate Derivatives (EIRD)) and, second, in the alternative, the annulment or reduction of the fine imposed on them in that decision. Furthermore, they seek an order that no account is to be taken of Commission Decision C(2021) 4610 final of 28 June 2021 amending the contested decision or, in the alternative, the annulment of that decision.

Operative part of the judgment

The Court:

Declares that there is no longer any need to adjudicate on the action in so far as it was brought by J.P. Morgan Services LLP;

Annuls Article 2(c) of Commission Decision C(2016) 8530 final of 7 December 2016 relating to a proceeding under Article 101 of the Treaty on the Functioning of the European Union and Article 53 of the EEA Agreement (Case AT.39914 – Euro Interest Rate Derivatives (EIRD)) in so far as it concerns JPMorgan Chase & Co. and JPMorgan Chase Bank, National Association;

Sets the amount of the fine for which JPMorgan Chase & Co. and JPMorgan Chase Bank, National Association are jointly and severally liable at EUR 337 196 000;

Dismisses the action as to the remainder;

Orders each party to bear its own costs.

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¹ OJ C 112, 10.4.2017.