An EC statement implicating Goldman Sachs in the alleged
cartel offences of a subsidiary company could signal a harder
line on the antitrust liability of private equity firms.
In July, the EC issued a statement of objections to Goldman
Sachs buyout arm in connection with allegations that
Milan-based Prysmian was part of a cartel for submarine and
This is one of the first cases in which a private equity
fund has been targeted for the alleged cartel infringements of
a portfolio company. There is no allegation that Goldman Sachs
or any of its employees participated in, or were aware of, the
The shift in approach could have significant consequences
for funds because the EC has the power to issue firms with
fines valued up to 10% of worldwide turnover (calculated on the
basis of consolidated group turnover).
Alex Nourry, head of the London antitrust practice...