

 
Communications Directorate 
Press and Information Unit curia.europa.eu 
 
 
 
PRESS RELEASE No 200/23 
Luxembourg, 20 December 2023 
Judgments of the General Court in Cases T-106/17 | JPMorgan Chase and Others v Commission, and 
T-113/17 | Crédit agricole and Crédit agricole Corporate and Investment Bank v Commission 
Competition in the area of Euro Interest Rate Derivatives: the General 
Court dismisses most of the pleas in the actions brought by JPMorgan 
Chase and Crédit agricole 
JPMorgan Chase’s fine remains unchanged at €337,196,000, while Crédit agricole’s is reduced to €110,000,000. 
By decision of 7 December 2016 
1
, the Commission found that Crédit agricole, HSBC and JPMorgan Chase had 
participated in an infringement consisting of the restriction or distortion of competition in the Euro Interest Rate 
Derivatives (EIRDs) sector. In respect of that infringement, the Commission imposed a fine of €33,606,000 on HSBC, 
a fine of €114,654,000 on Crédit agricole and a fine of €337,196,000 on JPMorgan Chase. The three financial 
institutions challenged the Commission’s decision before the General Court of the European Union. 
In today’s judgments, the General Court rules on the two actions brought against the Commission’s 2016 decision by 
JPMorgan Chase (the judgment in Case T-106/17) and Crédit agricole (the judgment in Case T-113/17) 
2
. 
In Case T-106/17, JPMorgan Chase, the General Court upholds the Commission’s findings concerning JPMorgan 
Chase’s participation in the infringement of competition law. While it rejects most of JPMorgan Chase’s 
arguments against the contested decision, the General Court accepts those arguments relating to the inadequate 
statement of reasons provided by the Commission as far as concerns the determination of the amount of the fine. 
Consequently, the General Court annuls the fine imposed by the Commission. It then moves on to make its own 
calculation of the fine on the basis of the evidence submitted to it. In that regard, after taking into account factors 
such as the gravity and duration of the infringement and any mitigating circumstances, the General Court sets the 
amount of the fine at €337,196,000, which is the same as the amount of the fine originally imposed by the 
Commission. 
In Case T-113/17, Crédit agricole, the General Court for the most part upholds the Commission's findings as to 
Crédit agricole’s participation in the cartel. However, the General Court finds that Crédit agricole’s participation 
in the cartel could be established only as far as regards its own conduct and that of other banks which had the aim 
of manipulating Euribor rates, but not as far as concerns other anticompetitive practices of those other banks. That 
said, the General Court states that Crédit agricole’s participation in the offending conduct was intentional and that 
the practices at issue were particularly serious. Consequently, the impact on the amount of the fine of the mitigating 
circumstance that Crédit agricole played a less important role in the infringement than the main players can be only 
marginal. 
Moreover, the General Court finds that the Commission’s decision is vitiated by the same inadequate statement of 
reasons as established in Case T-106/17, JPMorgan Chase. 
In those circumstances, the General Court reduces the amount of the fine imposed on Crédit agricole to 
€110,000,000. 

 
Communications Directorate 
Press and Information Unit curia.europa.eu 
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NOTE: An action for annulment seeks the annulment of acts of the institutions of the European Union that are 
contrary to EU law. The Member States, the European institutions and individuals may, under certain conditions, 
bring an action for annulment before the Court of Justice or the General Court. If the action is well founded, the act 
is annulled. The institution concerned must fill any legal vacuum created by the annulment of the act. 
NOTE: An appeal, limited to points of law only, may be brought before the Court of Justice against the decision of 
the General Court within two months and ten days of notification of the decision. 
Unofficial document for media use, not binding on the General Court. 
The full text and, as the case may be, the abstract of the judgments (T-106/17 and T-113/17) are published on the 
CURIA website on the day of delivery. 
Press contact: Jacques René Zammit ✆  (+352) 4303 3355. 
Images of the delivery of the judgments are available on ‘Europe by Satellite’ ✆  (+32) 2 2964106. 
 
 
 
 
1
 Decision C (2016) 8530 final of 7 December 2016 relating to a proceeding under Article 101 [TFEU] and Article 53 of the EEA Agreement (Case 
AT.39914 – Euro Interest Rate Derivatives). 
2
 By judgment of 24 September 2019, HSBC Holdings and Others v Commission, T-105/17 (see also Press Release 116/19), the General Court annulled 
the fine imposed on the HSBC Group. The Court of Justice upheld that decision by judgment of 12 January 2023, HSBC Holdings and Others v 
Commission, C-883/19 P (see also Press Release 8/23). 

General Court Upholds Fines for JPMorgan Chase and Crédit Agricole in Euro Interest Rate Derivatives Case

The General Court of the European Union has delivered judgments in two significant cases involving JPMorgan Chase and Crédit Agricole, both of which challenged fines imposed by the European Commission for their participation in anti-competitive practices in the Euro Interest Rate Derivatives (EIRDs) sector.

 In the case against JPMorgan Chase (T-106/17), the court upheld the Commission's findings regarding the bank's involvement in the infringement but noted that the Commission's reasoning for the fine amount was inadequate. Despite this, the court ultimately confirmed the fine of €337,196,000, which was the same amount originally imposed by the Commission.

 In the case involving Crédit Agricole (T-113/17), the General Court also upheld most of the Commission's findings but determined that Crédit Agricole's participation in the cartel was only partially established. The court acknowledged that while Crédit Agricole's role was less significant than that of other major players, its involvement was intentional and serious. Consequently, the court reduced the fine imposed on Crédit Agricole to €110,000,000, citing similar reasoning regarding the inadequacy of the Commission's statement of reasons.

 These judgments reflect the ongoing scrutiny of competition practices in the financial sector, particularly concerning interest rate derivatives, and highlight the challenges faced by financial institutions in contesting regulatory decisions.



General Court Upholds Fines for JPMorgan Chase and Crédit Agricole in Euro Interest Rate Derivatives Case

The General Court has largely dismissed appeals from JPMorgan Chase and Crédit Agricole regarding fines imposed for their roles in a competition law infringement in the Euro Interest Rate Derivatives market.