The European Commission has held Goldman Sachs jointly and severally liable for a cartel infringement committed by Prysmian, an Italian cable maker formerly owned by Goldman Sachs’ private equity arm. The decision is a stark reminder that EU competition law allows the corporate veil to be readily pierced and that private equity companies are no exception.
The Power Cables Decision -
The European Commission has found that 11 producers of underground and submarine high voltage power cables operated a cartel; it has imposed fines totalling EUR 302 million.
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Topics: Cartels, EU, European Commission, Fraud, Goldman Sachs, Private Equity, Professional Liability
Published In: Antitrust & Trade Regulation Updates, Business Organization Updates, General Business Updates, Finance & Banking Updates, International Trade Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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