EU Antitrust Watchdog Loses Appeal In ICAP Libor Fine Fight

Law360, London (July 10, 2019, 2:31 PM BST) -- The European Commission lost its bid on Wednesday to overturn a ruling that tossed its €14.9 million ($16.7 million) penalty against an interdealer broker for allegedly rigging a Libor benchmark, as Europe’s top court agreed it had not properly explained how it calculated the fine.

Wednesday’s ruling by the European Court of Justice highlights the “importance of the obligation to state reasons” when the European Commission imposed its fine on ICAP PLC, now NEX International Ltd., in 2017.

The lower court, the EU's General Court, therefore did not err in finding that the commission had an obligation “to explain, in the...

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