Private Equity Liability Under European Law

Posted by David Vann, Ellen Frye, and Étienne Renaudeau, Simpson Thacher & Bartlett LLP, on Saturday, August 4, 2018 Editor's Note: David Vann is partner, Ellen Frye is counsel, and Étienne Renaudeau is an associate at Simpson Thacher & Bartlett LLP. This post is based on a Simpson Thacher memorandum by Mr. Vann, Ms. Frye, and Mr. Renaudeau. On July 12, 2018, the General Court of the European Union dismissed Goldman Sachs’s appeal of a decision finding it jointly and severally liable for the cartel conduct of a portfolio company held by funds controlled by Goldman Sachs. The General Court confirmed that the presumption that a parent company “exercises decisive influence” over a subsidiary, and therefore can be held jointly and severally liable for a subsidiary’s conduct, may apply even when a parent holds less than 100% of the share capital of its subsidiary. The General Court also held that the…

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