Goldman Sachs to pay millions in fine over EU cartel after Court of Justice rejected its appeal
Photo by: Marco Verch/Flickr (CC BY 2.0) Thursday, January 28, 2021 7:20 AM UTC
Related Stories
Goldman Sachs, the American investment and financial bank, will be forced to shell out a huge amount after losing its legal fight against the EU cartel fine. This is in connection to the penalty that was handed down to Prysmian Group, one of its former subsidiaries.
Why the investment back is involved in a legal case with the EU
While Goldman Sachs is not the direct offending party in the case, the high court stated that it is still liable for the actions of its unit, and in this case, the Italian multinational makes cables. As mentioned by Reuters, in 2014, Prysmian Group was fined €104.6 million or around $127 million by the European Union antitrust regulators for participating in a cartel with 10 other cable makers.
U.S. investment bank Goldman Sachs on Wednesday lost its fight against an EU cartel fine handed down to its former Italian subsidiary and cable maker Prysmian after Europe's top court said it was liable for the actions of the unit.
U.S. investment bank Goldman Sachs on Wednesday lost its fight against an EU cartel fine handed down to its former Italian subsidiary and cable maker Prysmian after Europe s top court said it was liable for the actions of the unit. Prysmian was fined 104.6 million euros ($127 million) by EU antitrust regulators in 2014 for taking part in a cartel with 10 other cable makers. Its penalty included a joint fine of 37.3 million euros with Goldman Sachs, which had acquired the Italian company via one of its private equity funds in 2005 but has since sold its holding. The European Commission in its 2014 decision said Goldman Sachs, as the parent company, had decisive influence over Prysmian. A lower EU tribunal in 2018 backed its argument.
The European Court of Justice in Luxembourg. (Courthouse News photo/Molly Quell)
LUXEMBOURG (CN) EU labor laws protect disabled workers from being treated differently than both nondisabled co-workers and others with disabilities, the union’s highest court ruled Tuesday.
The Court of Justice of the European Union found that a Polish psychologist faced discrimination based on her disability when disabled colleagues were granted an extra monthly allowance but she was not.
“The principle of equal treatment enshrined in Directive 2000/78 is intended to protect a worker who has a disability, for the purposes of that directive, against any discrimination on the basis of that disability, not only as compared with workers who do not have disabilities, but also as compared with other workers who have disabilities,” the 13-judge panel wrote.
);
The EU s top court has considered its first ever case in the Irish language. It s about labels on dog medicine
It’s the first time a case at the Luxembourg-based Court of Justice has been conducted through Irish. By CJ McKinney Thursday 14 Jan 2021, 11:22 AM Jan 14th 2021, 11:22 AM 22,431 Views 63 Comments
Image: Shutterstock/4 PM production
Image: Shutterstock/4 PM production
THE EUROPEAN UNIONS’ top court has considered its first ever case in the Irish language, handing down a preliminary opinion this morning.
It marks the first time a case at the Luxembourg-based Court of Justice has been conducted through Irish since Ireland joined the EU in 1973.