Peters & Peters were instructed to act for a UK subsidiary of a major US engineering company as an immunity applicant in a CMA investigation into price fixing activity between competitors in the market. The European Commission investigation into price fixing in this steel abrasive market has now concluded, with companies being fined for their part. The client received full immunity for revealing the existence of the cartel and thereby avoided a fine of €4.1 million for its participation in the infringement. Our role included conducting an internal evidential review, liaising with the OFT/CMA and numerous company employees, as part of the company’s ongoing obligation to co-operate with the OFT/CMA. We advised our corporate client at every stage of the OFT/CMA’s investigation, including on key issues such as legal privilege, which were addressed for the first time in this manner, under the latest CMA guidance.