Euro Interest Rate Derivatives cartel: European Commission corrects insufficient reasoning in decisions and imposes fines.

The European Commission adopted two decisions regarding the Euro Interest Rate Derivatives cartel, by which several European banks allegedly manipulated interest rates, such as the Euribor, for derivative products, which the Commission deemed contrary to Article 101 TFEU.

The Commission initiated an investigation in 2008 following a request for a fine exemption by a bank. Several other banks involved in the cartel also decided to cooperate under the leniency rules. Other banks under investigation refused to settle.

By its first decision, the Commission has now imposed total fines of nearly €32 million. The Commission originally imposed fines, but the General Court partially annulled its decision in 2019 for insufficient reasoning regarding to the calculation methodology, while acknowledging the bank’s participation in the cartel.

By its second decision, the commission amended its 2016 decision imposing fines in order to correct its insufficient reasoning concerning the fine methodology as understood by the General Court.