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M&A Risks: The Potential Responsibility of the Purchaser for Prior Infringements

The European Court of Justice has reaffirmed the potential attribution of liability to parent companies for cartel infringements committed by an acquired company before an acquisition.

In a cartel case involving a group of leading Austrian banks and known as the Lombard Club case, the European Court of Justice has reaffirmed -- in a ruling of September 24, 2009 -- the potential responsibility of parent companies for anti-competitive conduct by an acquired company before the acquisition itself.

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