On 10 April 2017, the details were published in the Official Journal of separate appeals by HSBC and JPMorgan Chase against the Commission's decision of 7 December 2016 to impose fines on Crédit Agricole, HSBC and JPMorgan Chase for their participation in the interest rate derivatives cartel.
According to the Commission's decision three banks, Crédit Agricole, HSBC and JPMorgan Chase, acten in breach of Article 101 of the Treaty on the Functioning of the European Union (TFEU) by exchanging competitively sensitive information. Traders at the banks were in regular contact and exchanged information regarding the desired or intended Euro Interbank Offered Rate ("EURIBOR") submissions and other sensitive information. The Commission asserted that the duration of the infringement was September 2005 - May 2008 and that it covered the whole European Economic Area ("EEA"). Consequently, the Commission imposed fines of EUR 485 million on the three banks. Crédit Agricole has also appealed the decision, but the grounds of the appeal remain unpublished.
In HSBC's and JPMorgan's appeals to the General Court, both companies challenge the Commission's findings that they had engaged in the conduct with the object of restricting or distorting competition. The companies challenge also the Commission's finding of a single and continuous infringement, arguing that the Commission incorrectly found that the companies pursued a single economic aim of distorting competition and that they intentionally contributed to the single and continuous infringement. Further, both appellants also argue that the Commission wrongly found that they were aware of the conduct of other alleged participants.
Source: Case T-106/17 JPMorgan Case and Others v Commission, Case T-105-17 HSBC Holdings and Others v Commission, Official Journal C 112/65-66, 10 April 2017