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.