On 19 April 2021, the CAT dismissed Roland’s appeal against a £4 million fine imposed by the CMA (see UK Competition Newsletter, August – September 2020). Roland appealed, alleging that the CMA’s fine overstated the seriousness of the infringement and that the CMA’s leniency discount had been too low. The CAT disagreed, finding that the CMA’s calculation decisions were in line with previous decisions in similar cases. In fact, by appealing against the CMA’s decision, Roland had breached its settlement agreement with the CMA whereby Roland accepted a lower fine in return for agreeing not to appeal. Therefore, the CAT ruled that Roland should lose the benefit of its settlement discount, reversing a 20% discount on Roland’s fine.