United Kingdom

On behalf of the team

On 12 January, the Court of Justice rendered its judgment in the proceedings started by HSBC Holding plc, HSBC Bank plc, HSBC Continental Europe and supported by the banks Crédit Agricole and JP Morgan Bank against the European Commission in light of HSBC’s involvement in the Euribor cartel.[1] HSBC challenged the Commission’s finding that it took part in a cartel relating to the Euribor benchmark and it challenged the General Court’s decision to dismiss HSBC’s action. The Court of Justice acknowledged that the General Court could not dismiss HSBC’s action and said that the General Court made several errors of law, but upheld the finding that HSBC did participate in the cartel.

[1] EUCJ 12 January 2023, ECLI:EU:C:2023:11 (HSBC/Commission).