Mergers and criminal liability: dissenting view

In contradiction with the position of the Supreme Court, which recently held that the merging company in a merger could not be held responsible for the criminal liabilities of the merged company (see "Mergers and criminal liability", GC, 2001, VI(1), 68 ) the State Council held that the Financial Market Council (Conseil des Marchés Financiers) could apply a fine to the merging company for the breach of securities regulations committed by the merged company before the merger took place.

Source: State Council, 22nd November, 2000. Jacques Buhart, Franck Menand, Coudert Frères

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