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Document 62021TA0386
Cases T-386/21 and T-406/21: Judgment of the General Court of 6 November 2024 – Crédit agricole and Others v Commission (Suprasovereign, sovereign and agency bonds) (Competition – Agreements, decisions and concerted practices – Suprasovereign bond, sovereign bond and agency bond sector denominated in United States dollars – Decision finding an infringement of Article 101 TFEU and Article 53 of the EEA Agreement – Coordination of prices and bond-trading activity – Exchanges of commercially sensitive information – Single and continuous infringement – Restriction of competition by object – Calculation of the amount of the fine – Basic amount – Proxy for the value of sales – Action for annulment – Unlimited jurisdiction)
Cases T-386/21 and T-406/21: Judgment of the General Court of 6 November 2024 – Crédit agricole and Others v Commission (Suprasovereign, sovereign and agency bonds) (Competition – Agreements, decisions and concerted practices – Suprasovereign bond, sovereign bond and agency bond sector denominated in United States dollars – Decision finding an infringement of Article 101 TFEU and Article 53 of the EEA Agreement – Coordination of prices and bond-trading activity – Exchanges of commercially sensitive information – Single and continuous infringement – Restriction of competition by object – Calculation of the amount of the fine – Basic amount – Proxy for the value of sales – Action for annulment – Unlimited jurisdiction)
Cases T-386/21 and T-406/21: Judgment of the General Court of 6 November 2024 – Crédit agricole and Others v Commission (Suprasovereign, sovereign and agency bonds) (Competition – Agreements, decisions and concerted practices – Suprasovereign bond, sovereign bond and agency bond sector denominated in United States dollars – Decision finding an infringement of Article 101 TFEU and Article 53 of the EEA Agreement – Coordination of prices and bond-trading activity – Exchanges of commercially sensitive information – Single and continuous infringement – Restriction of competition by object – Calculation of the amount of the fine – Basic amount – Proxy for the value of sales – Action for annulment – Unlimited jurisdiction)
OJ C, C/2025/262, 20.1.2025, ELI: http://data.europa.eu/eli/C/2025/262/oj (BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)
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Official Journal |
EN C series |
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C/2025/262 |
20.1.2025 |
Judgment of the General Court of 6 November 2024 – Crédit agricole and Others v Commission (Suprasovereign, sovereign and agency bonds)
(Cases T-386/21 and T-406/21) (1)
(Competition - Agreements, decisions and concerted practices - Suprasovereign bond, sovereign bond and agency bond sector denominated in United States dollars - Decision finding an infringement of Article 101 TFEU and Article 53 of the EEA Agreement - Coordination of prices and bond-trading activity - Exchanges of commercially sensitive information - Single and continuous infringement - Restriction of competition by object - Calculation of the amount of the fine - Basic amount - Proxy for the value of sales - Action for annulment - Unlimited jurisdiction)
(C/2025/262)
Language of the case: English
Parties
Applicants in Case T-386/21: Crédit agricole SA (Montrouge, France), Crédit agricole Corporate and Investment Bank (Montrouge) (represented by: D. Beard, Barrister-at-Law, C. Hutton, C. Peacock and J. Parkinson, Solicitors)
Applicants in Case T-406/21: UBS Group AG the successor in law to Credit Suisse Group AG (Zurich, Switzerland), Credit Suisse Securities (Europe) Ltd (London, United Kingdom) (represented by: R. Wesseling, F. ten Have and F. Brouwer, lawyers)
Defendant: European Commission (represented in Case T-386/21 by T. Franchoo, M. Farley and B. Cullen, acting as Agents, and in Case T-406/21 by A. Boitos, M. Farley, T. Franchoo and C. Vang, acting as Agents)
Re:
By their action under Article 263 TFEU, the applicants in Case T-386/21 seek, first, annulment of Commission Decision C(2021) 2871 final of 28 April 2021 relating to a proceeding under Article 101 TFEU and Article 53 of the EEA Agreement (Case AT.40346 – SSA Bonds) (‘the contested decision’), in so far as it concerns them, and, secondly, the reduction of the amount of the fine imposed on them in that decision.
By their action under Article 263 TFEU, the applicants in Case T-406/21 seek, in essence, annulment of the contested decision in so far as it concerns them.
Operative part of the judgment
The Court:
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Joins Cases T-386/21 and T-406/21 for the purposes of the judgment; |
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In Case T-386/21:
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In Case T-406/21:
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ELI: http://data.europa.eu/eli/C/2025/262/oj
ISSN 1977-091X (electronic edition)