ECJ Urged To Toss HSBC Appeal Against Cartel Ruling

By Silvia Martelli (May 12, 2022, 5:59 PM BST) -- An advisor urged the European Union's top court on Thursday to reject HSBC's challenge to a decision that it had taken part in a cartel for the manipulation of a benchmark interest rate.

Advocate General Nicholas Emiliou told the European Court of Justice that it should rule that the General Court was right to find that HSBC Holdings PLC had infringed competition law by object. The legal standard does not require the European Commission to prove that the plot actually affected competition, because its goal was to distort normal pricing on the euro interest rate derivatives market.

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