Summary Of Significant Cartel And Horizontal Agreements Developments In November 2017

European Commission imposes fines on car safety equipment suppliers in cartel settlement case

On 22 November 2017, the European Commission announced that it had imposed fines totalling € 34 million on five car safety equipment suppliers for taking part in one or more of four separate cartels for the supply of car safety equipment to some Japanese car manufacturers in the EEA. The Commission concluded the case under its cartel settlement procedure.

The Commission's investigation revealed the existence of four separate infringements of varying scope and duration. The Commission stated that the companies involved - Tokai Rika, Takata, Autoliv, Toyoda Gosei and Marutaka - acknowledged that, for several years, they had coordinated prices or markets and exchanged sensitive information for the supply in the EEA of seatbelts, airbags and steering wheels to Japanese car manufacturers Toyota, Suzuki and Honda respectively. The Commission also reported that the coordination of the cartels took place outside the EEA, particularly in Japan, through meetings at the suppliers' business premises, in hotels and restaurants, as well as through e-mail exchanges.

The fines imposed by the Commission ranged from € 156,000 to € 12,724,000 depending on each individual infringement. Takata received full immunity from fines for three of the infringements as it had revealed their existence to the Commission, and Tokai Rika received full immunity for one of the infringements. Tokai Rika, Takata, Autoliv and Toyoda Gosei were granted fine reductions ranging between 28-50% for each cartel they were involved in based on their cooperation with the Commission investigation under the 2006 Leniency Notice. The reductions reflected the timing of each supplier's cooperation and the extent to which the evidence they provided assisted the Commission in proving the existence of the infringements in which they had been involved. The companies received a further 10% reduction of their fines under the Commission's 2008 Settlement Notice.

General Court partially annuls decision in Yen interest rate derivatives cartel case

On 10 November 2017, the General Court ("GC") partially upheld the appeal lodged by Icap plc, Icap Management Services Ltd and Icap New Zealand Ltd ("Icap") against a Commission decision fining Icap € 14.9 million for facilitating cartels in the market for interest rate derivatives in Japanese yen (T-180/15, Icap and Others).

In its judgment, the GC ruled that the...