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The Commission has informed Crédit Agricole, HSBC and JPMorgan of its preliminary view that they may have breached Article 101 by colluding to influence the pricing of interest rate derivatives denominated in the euro currency.
In December 2013, the Commission settled its investigation with four other banks active in the same sector, imposing fines totalling € 1.04 billion.
The High Court has dismissed actions brought by three companies who sought to recover fines payable following the Office of Fair Trading's construction bid-rigging decision.
The companies had not appealed against the OFT's decision themselves. However, given that other addressees of the decision had been successful in their appeals, they claimed that the penalties imposed by the OFT were unlawful.
The High Court ruled that the only method of challenge available to the claimants was an appeal against the OFT’s decision under the Competition Act 1998 and they could not rely on other parties' successful appeals. As a result, the claimants could not challenge their fines by bringing a common law claim for restitution.
This article was written by Paul Stone.
For more information please contact Paul on +44 (0)20 7203 5110 or email@example.com.