Case C-883/19 P: Judgment of the Court (Third Chamber) of 12 January 2023 — HSBC Holdings plc, HSBC Bank plc, HSBC Continental Europe, formerly HSBC France v European Commission (Appeal — 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 — Manipulation of the Euribor interbank reference rates — Exchange of confidential information — Restriction of competition by object — Characterisation — Taking into account of procompetitive effects — Single and continuous infringement — ‘Hybrid’ procedure having led successively to the adoption of a settlement decision and a decision made under the ordinary procedure — Charter of Fundamental Rights of the European Union — Article 41 — Right to good administration — Article 48 — Presumption of innocence)
Date: 2023-01-12
Institutions: Court of Justice
Subjects: Euribor, cartel, confidentiality, control of restrictive practices, euro, interest, restriction on competition, rights of the defence








C_2023071EN.01000201.xml










27.2.2023   


EN


Official Journal of the European Union


C 71/2






Judgment of the Court (Third Chamber) of 12 January 2023 — HSBC Holdings plc, HSBC Bank plc, HSBC Continental Europe, formerly HSBC France v European Commission
(Case C-883/19 P) (1)

(Appeal - 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 - Manipulation of the Euribor interbank reference rates - Exchange of confidential information - Restriction of competition by object - Characterisation - Taking into account of procompetitive effects - Single and continuous infringement - ‘Hybrid’ procedure having led successively to the adoption of a settlement decision and a decision made under the ordinary procedure - Charter of Fundamental Rights of the European Union - Article 41 - Right to good administration - Article 48 - Presumption of innocence)
(2023/C 71/02)
Language of the case: English

Parties


Appellants: HSBC Holdings plc, HSBC Bank plc, HSBC Continental Europe, formerly HSBC France (represented by: C. Angeli, avocate, K. Bacon, KC, D. Bailey, Barrister, M. Demetriou, KC, M. Giner, avocate, and M. Simpson, Solicitor)

Other party to the proceedings: European Commission (represented by: P. Berghe, M. Farley and F. van Schaik, acting as Agents)

Interveners in support of the appellants: Crédit agricole SA, Crédit agricole Corporate and Investment Bank (represented by: J. Jourdan, J.-J. Lemonnier, A. Sieffert-Xuriguera and J.-P. Tran Thiet, avocats), JPMorgan Chase & Co., JPMorgan Chase Bank, National Association (represented by: D. Das, N. English, N. French, N. Frey, Solicitors, D. Heaton, Barrister, A. Holroyd, D. Hunt, Solicitors, M. Lester, KC, A. Ojukwu, Solicitor, D. Piccinin, Barrister, L. Ream, Solicitor, D. Rose, KC, and B. Tormey, Solicitor)

Operative part of the judgment

The Court:






1.


Sets aside the judgment of the General Court of the European Union of 24 September 2019, HSBC Holdings and Others v Commission (T-105/17, EU:T:2019:675) in so far as it dismisses, in point 2 of the operative part thereof, the action brought in Case T-105/17 by HSBC Holdings plc, HSBC Bank plc and HSBC France, now HSBC Continental Europe, seeking the annulment of Article 1 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)) and, in the alternative, of Article 1(b) of that decision;










2.


Dismisses the action lodged in Case T-105/17 by HSBC Holdings plc, HSBC Bank plc and HSBC France, now HSBC Continental Europe, seeking the annulment of Article 1 of Decision C(2016) 8530 final and, in the alternative, Article 1(b) of that decision;










3.


Orders the European Commission to bear its own costs and to pay those incurred by HSBC Holdings plc, HSBC Bank plc and HSBC Continental Europe, formerly HSBC France, relating to the appeal and to bear its own costs incurred in the proceedings at first instance;










4.


Orders HSBC Holdings plc, HSBC Bank plc and HSBC Continental Europe, formerly HSBC France, to bear their own costs incurred in the proceedings at first instance;










5.


Orders Crédit agricole SA and Crédit agricole Corporate and Investment Bank to bear their own costs relating to the appeal;










6.


Orders JPMorgan Chase & Co. and JPMorgan Chase Bank, National Association, to bear their own costs relating to the appeal.






(1)  OJ C 45, 10.2.2020.