AC Treuhand AG, a Swiss consultancy firm fined for its involvement in the organic peroxides cartel, has lost its appeal to the Court of First Instance (CFI). AC Treuhand’s main argument was that it was not active in the market for organic peroxides, it had merely provided services to the organic peroxide producers and, as a result, it was not itself a participant in the cartel. The CFI rejected this claim. Although AC Treuhand did not itself act in this market, the CFI held that it had contributed “actively and intentionally” to the cartel between the producers who were active in that market (through the organisation and holding of cartel meetings) and could therefore have reasonably foreseen its own liability for the infringement.