Buyer Beware! ECJ confirms investment companies are liable for competition violations by portfolio companies
By EsqSocial Corporation 29/01/21
The European Court of Justice (the "ECJ") has confirmed1 the EU General Court’s (and the European Commission’s) finding that Goldman Sachs was jointly liable for the conduct of a former subsidiary, Prysmian, which the Commission fined for its involvement in the high voltage power cables cartel during Goldman Sachs' period of control. The ECJ judgment constitutes a stark warning to institutional investors to ensure portfolio companies that they acquire and control comply with competition law....
By: White & Case LLP