Court of Justice 12 March 2026, C-191/24 (Opinion of Advocate General Emiliou delivered on 12 March 2026.)

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In this Opinion in Case C-191/24 P, Advocate General Emiliou addresses two issues arising from an appeal against a General Court judgment concerning a Commission decision imposing a fine on Crédit agricole for participation in a single and continuous infringement of Article 101 TFEU in the Euro Interest Rate Derivatives market. On the Commission's cross-appeal, the Advocate General opines that the General Court erred in law by disregarding a valid amending decision that supplemented the statement of reasons for the discount factor used in calculating the fine, holding that a validly adopted and notified amending decision cannot be recharacterised as a mere court submission and must be given full legal effect pursuant to Article 288 TFEU, with the consequence that the General Court should have reviewed the contested decision as amended. On the fourth plea of the main appeal, the Advocate General opines that the General Court failed to provide an adequate and internally consistent statement of reasons when exercising its unlimited jurisdiction under Article 261 TFEU, having endorsed the same 98.849% discount factor it had found to be inadequately reasoned in the contested decision without itself supplying the requisite justification for that value.AI