Case T-441/21, T-449/21, T-453/21, T-455/21, T-456/21 and T-462/21: Judgment of the General Court of 26 March 2025 – UBS Group and Others v Commission (European Government Bonds) (Competition – Agreements, decisions and concerted practices – European Government Bonds sector – Decision finding an infringement of Article 101 TFEU and Article 53 of the EEA Agreement – Coordination of prices and bond-trading activities – Exchange of commercially sensitive information – Single and continuous infringement – Restriction of competition by object – Legitimate interest in finding infringements – Calculation of the amount of the fine – Basic amount – Proxy for value of sales – Unlimited jurisdiction)
Date: 2025-03-26
Institutions: General Court
Subjects: Eurobond, bank, bond, cartel, control of restrictive practices, equal treatment, international cartel, restriction on competition, rights of the defence, sanction (EU)








C_202502660EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2025/2660


19.5.2025






Judgment of the General Court of 26 March 2025 – UBS Group and Others v Commission (European Government Bonds)


(Case T-441/21, T-449/21, T-453/21, T-455/21, T-456/21 and T-462/21)
                (1)

(Competition - Agreements, decisions and concerted practices - European Government Bonds sector - Decision finding an infringement of Article 101 TFEU and Article 53 of the EEA Agreement - Coordination of prices and bond-trading activities - Exchange of commercially sensitive information - Single and continuous infringement - Restriction of competition by object - Legitimate interest in finding infringements - Calculation of the amount of the fine - Basic amount - Proxy for value of sales - Unlimited jurisdiction)
(C/2025/2660)
Languages of the case: English and German

Parties


Applicants in Case T-441/21: UBS Group AG (Zurich, Switzerland), UBS AG (Zurich) (represented by: I. Ioannidis and C. Riis-Madsen, lawyers)

Applicant in Case T-449/21: Natixis (Paris, France) (represented by: J. Stratford and E. Neill, Barristers-at-Law, J.-J. Lemonnier and L. Ghebali, lawyers, and M. García, Solicitor)

Applicants in Case T-453/21: UniCredit SpA (Milan, Italy), UniCredit Bank AG (Munich, Germany) (represented by: I. Vandenborre, S. Dionnet, M. Siragusa, G. Rizza, B. Massella Ducci Teri, M. Lesaffre, T. Selwyn Sharpe and I. Antoniou, lawyers)

Applicants in Case T-455/21: Nomura International plc (London, United Kingdom), Nomura Holdings, Inc. (Tokyo, Japan) (represented by: W. Howard, lawyer, M. Demetriou and C. Thomas, Barristers-at-Law, and N. Seay and S. Whitfield, Solicitors)

Applicants in Case T-456/21: Bank of America N.A. (Charlotte, North Carolina, United States), Bank of America Corporation (Wilmington, Delaware, United States) (represented by: D. Bailey and D. Gregory, Barristers-at-Law, J. Turner KC, D. Liddell, Solicitor, and D. Slater, lawyer)

Applicant in Case T-462/21: Portigon AG (Düsseldorf, Germany) (represented by: H.-J. Niemeyer, M. Röhrig and C. Dankerl, lawyers)

Defendant: European Commission (represented: in Case T-441/21, by M. Domecq, S. Baches Opi, M. Farley and T. Franchoo, acting as Agents; in Case T-449/21, by M. Farley, T. Franchoo and I. Söderlund, acting as Agents; in Case T-453/21, by M. Farley, T. Franchoo, S. Baches Opi and M. Domecq; in Case T-455/21, by S. Baches Opi, M. Domecq, M. Farley and T. Franchoo; in Case T-456/21, by S. Baches Opi, M. Domecq, M. Farley and T. Franchoo; and, in Case T-462/21, by M. Farley, A. Keidel, T. Franchoo and L. Wildpanner, acting as Agents)

Re:

By their action in Case T-441/21, brought under Article 263 TFEU, UBS Group AG and UBS AG seek (i) annulment of Commission Decision C(2021) 3489 final of 20 May 2021 relating to a proceeding under Article 101 TFEU and Article 53 of the EEA Agreement (Case AT.40324 – European Government Bonds), and (ii) a reduction of the amount of the fine imposed on them in that decision.
By its action in Case T-449/21, brought under Article 263 TFEU, Natixis seeks annulment of the contested decision in so far as that decision concerns it.
By their action in Case T-453/21, brought under Article 263 TFEU, UniCredit SpA and UniCredit Bank AG seek (i) annulment of the contested decision in so far as it concerns them, and (ii) a reduction of the amount of the fine imposed on them in that decision.
By their action in Case T-455/21, brought under Article 263 TFEU, Nomura International plc and Nomura Holdings, Inc. seek (i) annulment of the contested decision in so far as it concerns them, and (ii) a reduction of the amount of the fine imposed on them in that decision.
By their action in Case T-456/21, brought under Article 263 TFEU, Bank of America N.A. and Bank of America Corporation seek annulment of the contested decision in so far as it concerns them.
By its action in Case T-462/21, brought under Article 263 TFEU, Portigon AG, formerly WestLB AG, seeks annulment of the contested decision in so far as that decision concerns it.

Operative part of the judgment

The Court:






1.


Joins Cases T-441/21, T-449/21, T-453/21, T-455/21, T-456/21 and T-462/21 for the purposes of the judgment;










2.


In Case T-441/21:






—


Dismisses the action;










—


Orders UBS Group AG and UBS AG to pay the costs.














3.


In Case T-449/21:






—


Dismisses the action;










—


Orders Natixis to pay the costs.














4.


In Case T-453/21:






—


Annuls the seventh indent of Article 1 of Commission Decision C(2021) 3489 final of 20 May 2021 relating to a proceeding under Article 101 TFEU and Article 53 of the EEA Agreement (Case AT.40324 – European Government Bonds) in so far as it finds that UniCredit SpA and UniCredit Bank AG participated in the infringement from 9 September to 28 November 2011, and not from 26 September to 28 November 2011;










—


Annuls the fifth indent of Article 2 of Decision C(2021) 3489 final in so far as it sets the amount of the fine for which UniCredit and UniCredit Bank are jointly and severally liable at EUR 69 442 000;










—


Sets the amount of the fine for which UniCredit and UniCredit Bank are jointly and severally liable at EUR 65 000 000;










—


Dismisses the action as to the remainder;










—


Orders UniCredit and UniCredit Bank to pay the costs.














5.


In Case T-455/21:






—


Annuls the second indent of Article 2 of Decision C(2021) 3489 final in so far as it sets the amount of the fine for which Nomura International plc and Nomura Holdings, Inc. are jointly and severally liable at EUR 129 573 000;










—


Sets the amount of the fine for which Nomura International and Nomura Holdings are jointly and severally liable at EUR 125 646 000;










—


Dismisses the action as to the remainder;










—


Orders Nomura International and Nomura Holdings to pay the costs.














6.


In Case T-456/21:






—


Dismisses the action;










—


Orders Bank of America N.A. and Bank of America Corporation to pay the costs.














7.


In Case T-462/21:






—


Dismisses the action;










—


Orders Portigon AG to pay the costs.










(1)  
            OJ C 412, 11.10.2021.


ELI: http://data.europa.eu/eli/C/2025/2660/oj
ISSN 1977-091X (electronic edition)