Case T-180/15: Judgment of the General Court of 10 November 2017 — Icap and Others v Commission (Competition — Agreements, decisions and concerted practices — Yen interest rate derivatives sector — Decision finding six infringements of Article 101 TFEU and Article 53 of the EEA Agreement — Manipulation of the JPY LIBOR and Euroyen TIBOR interbank reference rates — Restriction of competition by object — Participation of a broker in the infringements — ‘Hybrid’ settlement procedure — Principle of the presumption of innocence — Principle of sound administration — Fines — Basic amount — Exceptional adjustment — Article 23(2) of Regulation (EC) No 1/2003 — Obligation to state reasons)
Date: 2017-11-10
Institutions: General Court
Subjects: Japan, bank, cartel, fine, foreign currency, interest, restriction on competition, rights of the defence








C_2018005EN.01002602.xml










8.1.2018   


EN


Official Journal of the European Union


C 5/26





Judgment of the General Court of 10 November 2017 — Icap and Others v Commission
(Case T-180/15) (1)

((Competition - Agreements, decisions and concerted practices - Yen interest rate derivatives sector - Decision finding six infringements of Article 101 TFEU and Article 53 of the EEA Agreement - Manipulation of the JPY LIBOR and Euroyen TIBOR interbank reference rates - Restriction of competition by object - Participation of a broker in the infringements - ‘Hybrid’ settlement procedure - Principle of the presumption of innocence - Principle of sound administration - Fines - Basic amount - Exceptional adjustment - Article 23(2) of Regulation (EC) No 1/2003 - Obligation to state reasons))
(2018/C 005/35)
Language of the case: English

Parties


Applicants: Icap plc (London, United Kingdom), Icap Management Services Ltd (London) and Icap New Zealand Ltd (Wellington, New Zealand) (represented by: C. Riis-Madsen and S. Frank, lawyers)

Defendant: European Commission (represented by: V. Bottka, B. Mongin and J. Norris-Usher, acting as Agents)

Re:

Action brought under Article 263 TFEU for annulment of Commission Decision C(2015) 432 final of 4 February 2015 relating to proceedings under Article 101 TFEU and Article 53 of the EEA Agreement (Case AT.39861 — Yen Interest Rate Derivatives), and, in the alternative, for a reduction in the amount of the fines imposed on the applicants in that decision.

Operative part of the judgment

The Court:






1.


Annuls Article 1(a) of European Commission Decision C(2015) 432 final of 4 February 2015 relating to proceedings under Article 101 TFEU and Article 53 of the EEA Agreement (Case AT.39861 — Yen Interest Rate Derivatives), inasmuch as it relates to the period after 22 August 2007;










2.


Annuls Article 1(b) of Decision C(2015) 432 final;










3.


Annuls Article 1(d) of Decision C(2015) 432 final inasmuch as it relates to the period from 5 March to 27 April 2010;










4.


Annuls Article 1(e) of Decision C(2015) 432 final inasmuch as it relates to the period prior to 18 May 2010;










5.


Annuls Article 1(f) of Decision C(2015) 432 final inasmuch as it relates to the period prior to 18 May 2010;










6.


Annuls Article 2 of Decision C(2015) 432 final;










7.


Dismisses the action as to the remainder;










8.


Orders Icap plc, Icap Management Services Ltd and Icap New Zealand Ltd to bear one quarter of their own costs;










9.


Orders the Commission to bear its own costs and to pay three quarters of the costs of Icap, Icap Management Services and Icap New Zealand.






(1)  OJ C 245, 27.7.2015.