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Case T-561/21: Judgment of the General Court of 27 November 2024 – HSBC Holdings and Others v Commission (Competition – Agreements, decisions and concerted practices – Euro Interest Rate Derivatives sector – Decision establishing an infringement of Article 101 TFEU and Article 53 of the EEA Agreement – Failure to discharge the obligation to state reasons – Annulment in part of the decision by a judgment of the General Court – Amending decision – Fines – Limitation – Basic amount – Value of sales – Article 23(2) and (3) of Regulation (EC) No 1/2003 – Equal treatment – Proportionality – Unlimited jurisdiction)

ECLI:EU:UNKNOWN:62021TA0561

62021TA0561

November 27, 2024
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Official Journal of the European Union

C series

C/2025/544

(Case T-561/21)

(Competition - Agreements, decisions and concerted practices - Euro Interest Rate Derivatives sector - Decision establishing an infringement of Article 101 TFEU and Article 53 of the EEA Agreement - Failure to discharge the obligation to state reasons - Annulment in part of the decision by a judgment of the General Court - Amending decision - Fines - Limitation - Basic amount - Value of sales - Article 23(2) and (3) of Regulation (EC) No 1/2003 - Equal treatment - Proportionality - Unlimited jurisdiction)

(C/2025/544)

Language of the case: English

Parties

Applicants: HSBC Holdings plc (London, United Kingdom), HSBC Bank plc (London), HSBC Continental Europe (Paris, France) (represented by: M. Demetriou and D. Bailey, Barristers-at-Law, C. Angeli, M. Giner Asins and C. Chevreste, lawyers, and by M. Simpson, Solicitor)

Defendant: European Commission (represented by: T. Baumé, P. Berghe and M. Farley, acting as Agents)

Re:

By their action based on Article 263 TFEU, the applicants seek, first, the annulment of Article 1 of Commission Decision C(2021) 4600 final of 28 June 2021 amending Commission Decision C(2016) 8530 final of 7 December 2016 relating to a proceeding under Article 101 TFEU and Article 53 of the EEA Agreement (Case AT.39914 – Euro Interest Rate Derivatives) and the annulment of Article 2(b) of Commission Decision C(2016) 8530 final of 7 December 2016 relating to a proceeding under Article 101 [TFEU] and Article 53 of the EEA Agreement (Case AT.39914 – Euro Interest Rate Derivatives (EIRD)), as amended, and, second, in the alternative, a reduction in the amount of the fine imposed on them in the 2021 Decision.

Operative part of the judgment

The Court:

1.Dismisses the action;

2.Orders HSBC Holdings plc, HSBC Bank plc and HSBC Continental Europe to pay the costs.

Language of the case: English.

ELI: http://data.europa.eu/eli/C/2025/544/oj

ISSN 1977-091X (electronic edition)

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