In two decisions adopted in November 2014 but only recently published, the Dutch competition authority (ACM) fined three private equity firms for the involvement of one of their former portfolio companies in the so-called "flour" cartel during the time of their respective ownership. The two decisions – the first time the ACM ever imposed fines on private equity firms – follow an earlier decision by the European Commission in April of last year to hold Goldman Sachs jointly and severally liable with one of its portfolio companies for its involvement in the "power cable" cartel.
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