JOFFE & ASSOCIÉS ADVISES SOCADIF CAPITAL INVESTISSEMENT ON ITS INVESTMENT IN SPAREKA

Joffe & Associés advised Socadif Capital Investissement, a subsidiary of Crédit Agricole d’Île-de-France, on its equity investment in Spareka, a platform specializing in spare parts for home and garden.

 

Spareka welcomes two new leading investors: Socadif and Generali, who join Demeter and Banque des Territoires as shareholders.

 

This partnership aims to strengthen Spareka’s impact in the insurance and retail sectors by facilitating access to repair services in the event of damage or under product warranties. With the entry of Generali, a leading insurer in France, and Socadif, Spareka is taking a decisive step in rolling out its sustainable and innovative solutions to support the repair economy.

 

The Joffe & Associés team on this transaction was led by partner Virginie Belle.

JOFFE & ASSOCIÉS secures a record €150 million award against Sanofi on behalf of CNAM.

JOFFE & ASSOCIÉS announces a major victory in one of the most significant damages cases arising from anticompetitive practices in France. The Paris Court of Appeal has ordered Sanofi to pay more than €150 million to the French National Health Insurance Fund (CNAM) for practices related to the drug Plavix.

 

A record €150.7 million award

In a judgment handed down on 24 September 2025, the Paris Court of Appeal (Division 5 – Chamber 4) ordered Sanofi SA and Sanofi Winthrop Industrie SA, jointly and severally, to pay CNAM a total amount of €150,748,005 in damages.

 

This ruling follows the abuse of dominant position through disparagement practices sanctioned in 2013 by the French Competition Authority and definitively upheld in 2016 by the Cour de cassation. Sanofi had hindered the entry of Plavix generics into the French market, depriving the French Health Insurance system and patients of substantial savings they would have achieved in the absence of Sanofi’s anticompetitive conduct.

 

Damages spanning nearly a decade

The court-appointed expert report, conducted over more than two years, established that the anticompetitive practices continued to produce effects until September 2021—over ten years after their implementation.

 

The damages are broken down as follows:

  • €111,666,964 for harm related to reimbursement of insured persons
  • €14,556,030 for harm related to pharmacists’ remuneration
  • €24,525,011 in financial damages resulting from the passage of time

 

The Court of Appeal also rejected Sanofi’s request to set aside the expert report and order further expert proceedings, thereby validating the methodology used by CNAM and its counsel in the calculation of damages.

 

This decision perfectly illustrates the principle of full compensation for harm suffered by victims, even indirect ones, of anticompetitive practices—in this case, the French National Health Insurance Fund.

 

The JOFFE & ASSOCIÉS team, composed of Tehani Goy and Olivier Cavézian (partners) and Fanny Callede (counsel), conducted this complex litigation for nearly a decade.

 

Additional awards

In addition to damages, the Court ordered Sanofi SA and Sanofi Winthrop Industrie SA, jointly and severally, to pay CNAM:

  • €500,000 pursuant to Article 700 of the French Code of Civil Procedure
  • All first-instance and appellate court costs
  • Judicial expert fees amounting to €217,641.94 including VAT

 

In this case, the Joffe & Associés team was supported by the economics consultancy RBB Economics (Francesco Rosati and Julie Yerle).

J&A ADVISES FIRA NORD-EST, FINOVAM GESTION’S SEED FUND, IN CONNECTION WITH STEMINOV’S FUNDRAISING

Joffe & Associés advised Fira Nord-Est, a seed fund managed by Finovam Gestion, on StemInov’s €10.6 million fundraising.

 

This French biopharmaceutical company develops innovative cell therapies for the treatment of inflammatory and autoimmune diseases.

 

The transaction will enable StemInov to accelerate its industrial and clinical development.

 

The funds raised will support the implementation of a bioproduction platform compliant with European regulatory standards, facilitating the necessary approvals for the commercialization of its therapies.

 

The Joffe & Associés team advising on this transaction included Thomas Saltiel, partner, and Charlotte Viandaz, counsel.

JOFFE & ASSOCIÉS ADVISES CONVICTIONSRH AND ITS MANAGEMENT ON ITS SALE TO MERCER

Joffe & Associés advised ConvictionsRH and its management on its sale to Mercer, a global leader in human resources consulting.

 

Founded in 2007 by five founding partners, ConvictionsRH is a consulting firm specializing in human resources, HRIS, and transformation. The company employs 250 consultants across several offices in France and generated €35 million in revenue in 2024. In April 2025, the firm strengthened its expertise by acquiring Ayming’s HRIS consulting division.

 

Mercer, a subsidiary of Marsh McLennan, is expanding its presence in France with this strategic acquisition. The deal enables the U.S. group to integrate ConvictionsRH’s digital and transformation expertise into its HR services portfolio.

 

This transaction provides ConvictionsRH with access to Mercer’s global resources and opens new growth opportunities for its teams. Clients will benefit from an expanded range of HR services on a worldwide scale.

 

The Joffe & Associés team advising on this transaction included partners Romain Soiron and Aymeric Dégremont, associate Paddy Pascot (M&A / Corporate), partner Virginie Davion, and associate Clément Peillet (Tax).

FRED obtient une condamnation en contrefaçon pour la reproduction illicite de certains de ses bijoux

La société Fred Paris a obtenu, le 18 juin 2025 (TJ Paris, 18 juin 2025, RG n° 23/10855), la condamnation d’une créatrice de bijoux qui commercialisait une gamme de bijoux reproduisant les caractéristiques essentielles du bracelet Force 10 GM et de son modèle communautaire. Nous n’avons pas connaissance d’un éventuel appel interjeté.

 

Le litige oppose un célèbre joailler et une créatrice de bijoux

 

La célèbre maison française de joaillerie et d’horlogerie compte, parmi ses créations, deux gammes de bijoux dénommées « Force 10 » et « Chance Infinie ». La maison est titulaire du modèle de l’UE n° 000772819-0001, déposé en 2007, représentant la fameuse boucle en forme de manille stylisée des créations de la gamme Force 10.

 

La défenderesse est une créatrice de bijoux qui commercialisait, sur son site Internet et sur des marchés locaux, des modèles qui reproduisaient, selon Fred Paris, les caractéristiques essentielles de ses produits.

 

Fred Paris a ainsi, après mise en demeure, assigné la créatrice de bijoux en contrefaçon de droit d’auteur, en contrefaçon de modèle et en concurrence déloyale.

 

Des actes de contrefaçon et de concurrence déloyale étaient invoqués

 

Fred Paris alléguait que la créatrice avait enfreint ses droits d’auteur en reproduisant les caractéristiques essentielles composant l’originalité des produits litigieux. Concernant le modèle de l’UE, la société estimait que les bijoux litigieux reprenaient les caractéristiques essentielles des produits de la marque, de sorte qu’ils créaient une même impression visuelle globale, caractérisant ainsi des actes de contrefaçon.

 

La créatrice reconnaissait la similitude entre les bijoux mais invoquait la banalisation de la gamme, de nombreux bijoux similaires étant commercialisés par des tiers. Elle arguait, pour sa défense, que l’acheteur moyen n’est pas conscient de la similitude entre les produits litigieux et ceux de Fred Paris.

 

Le tribunal a reconnu l’ensemble des faits reprochés

 

Sur la contrefaçon de droits d’auteur

Après avoir reconnu la titularité des droits revendiqués par Fred Paris, qui exploite publiquement sa gamme depuis au moins 2008, les juges caractérisent l’originalité des bijoux la composant.

 

Ils constatent que les bijoux litigieux reprennent, comme l’alléguait la demanderesse, les caractéristiques essentielles des siens.

 

Les actes de contrefaçon sont ainsi caractérisés selon les juges, « peu important l’existence d’autres sites proposant des bijoux similaires […], la bonne foi étant indifférente », en particulier dans un contexte où la créatrice avait été mise en demeure par Fred Paris.

 

Sur la contrefaçon de modèle communautaire

De même, le tribunal reconnait la reproduction des caractéristiques essentielles du modèle dans les bijoux de la créatrice qui produisent, sur l’utilisateur averti, la même impression globale.

 

Sur la concurrence déloyale et le parasitisme

Le risque de confusion ou d’association dans l’esprit du public créé par l’effet de gamme des bijoux de la défenderesse est reconnu. Il vaut en particulier pour la gamme « Chance infinie » qui n’avait pas fait l’objet d’un dépôt de modèle.

 

Le parasitisme résulte de la volonté de la défenderesse de se placer dans le sillage de la société Fred Paris pour profiter de ses investissements et de la notoriété de ses bijoux.

 

La réparation octroyée reste modeste

 

La créatrice de bijoux est condamnée à réparer le préjudice subi par Fred Paris au titre de la contrefaçon, estimée à hauteur de 3 000 euros, et du parasitisme et concurrence déloyale, à hauteur de 1 000 euros. Le caractère modeste de ces montants résulte notamment du fait que Fred Paris n’avait pas prouvé, selon le tribunal, des conséquences économiquement négatives ; que les bénéfices réalisés étaient limités ; qu’il n’était pas prouvé que les actes reprochés s’étaient étalés dans le temps. Le préjudice réparé est donc circonscrit aux économies d’investissement réalisées et au préjudice moral résultant de la banalisation des bijoux de la demanderesse.

 

La défenderesse est également condamnée à verser 3 000 euros à Fred Paris en application de l’article 700 du code de procédure civile.

 

Cette décision illustre la double protection des créations joaillières (et de toutes les œuvres d’art appliqué) par le droit d’auteur et le droit des dessins et modèles, mais aussi par le droit commun de la responsabilité civile entre concurrents.

 

Elle incitera peut-être les titulaires de droits qui envisagent d’assigner à opérer une balance entre les coûts de la procédure, les perspectives de réparation potentiellement très modestes et le souhait éventuel de faire de ces condamnations une affaire de principe.

JOFFE & ASSOCIÉS ADVISES CAILABS ON ITS FUNDRAISING FROM INSTITUTIONAL AND PRIVATE INVESTORS

Joffe & Associés advised Cailabs, a global leader in advanced photonics, on its €57 million financing round with the European Investment Bank, Définvest, the Defense Innovation Fund, NewSpace Capital, the European Innovation Council Fund, Starquest Capital, and CAIVE.

 

This funding will enable Cailabs to increase its production capacity to up to 50 optical ground stations per year by 2027, strengthen its supply chain, and accelerate the development of its next-generation laser communication solutions.

 

It will also support Cailabs’ international expansion, already demonstrated by the recent enlargement of its U.S. office, and the diversification of its product offering, including turnkey 100+ Gbps solutions, transportable optical ground stations, and new orbital options.

 

Joffe & Associés advised Cailabs on corporate matters with a team composed of Thomas Saltiel and Camille Malbezin, partners, and Alexia Guyot, associate.

J&A ADVISED SOCADIF ON ITS INVESTMENT IN FINTECH GREENWAY, WHICH HAS COMPLETED A €32M FUNDRAISING ROUND, INCLUDING €2M IN EQUITY

Joffe & Associés advised Socadif on its investment in Greenway, a French fintech that has developed the first “all-in-one” corporate card integrating expense management and ESG criteria, as part of a €32 million fundraising round, including €2 million in equity.

 

This transaction will enable Greenway to accelerate the adoption of its innovative solution in France and across Europe. The round brings together Socadif Capital Investissement, leading business angels, as well as a pool of institutional investors.

 

With these new financial resources, Greenway will be able to strengthen its teams to meet the growing demand from companies seeking to optimize their expense management. Its smart card centralizes payments, automates expense reporting, and integrates ESG indicators—addressing for the first time two major challenges for mid-caps and large corporations that were long considered irreconcilable: the rationalization of financial technologies and the integration of ESG considerations.

 

As part of this transaction, the Joffe & Associés team included Virginie Belle, partner, and Alexia Guyot, associate.

J&A advised Starquest Capital and MAIF Impact in the €5 million fundraising of Les Nouvelles Fermes

Joffe & Associés advised Starquest Capital and Maif Impact on the €5 million Series A fundraising of Les Nouvelles Fermes, a French pioneer in industrial aquaponics.

 

This transaction will enable the company to launch in Carrières-sous-Poissy the largest aquaponic farm in Europe. The 2-hectare facility combines trout farming with vegetable production in a closed-loop system, with an annual capacity of 250 tons of fruit and vegetables and 60 tons of fish. The technology uses seven times less water and generates twice fewer emissions than conventional agriculture.

 

Beyond this initial project, Les Nouvelles Fermes aims to deploy 15 sites across Europe by 2030.

 

The Joffe & Associés team advising on this transaction included Thomas Saltiel, partner, Charlotte Viandaz, counsel, and Antoine Danieck, associate.

J&A advises Axeleo Capital and Bpifrance Investissement in connection with Gobano Robotics’ fundraising

Joffe & Associés advised a group of financial investors including Axeleo Capital and Bpifrance Investissement through its Digital Venture fund and the École Polytechnique seed fund, in connection with the €3 million fundraising carried out by Gobano Robotics, a startup specializing in the development of artificial intelligence software applied to robotics.

 

Gobano Robotics develops solutions to automate complex industrial processes requiring both high precision and real-time adaptability. Its applications notably include the bending of parts with varied shapes, the sorting of objects with multiple characteristics, as well as delicate assembly and handling operations.

 

With this financing, the startup aims to accelerate the development of its technology and to support a first industrial client within the next 18 months.

 

Joffe & Associés advised Axeleo Capital and Bpifrance Investissement on the corporate aspects with a team comprising Thomas Saltiel, partner, Charlotte Viandaz, counsel, and Antoine Danieck, associate.

Legal 500: the IT-Data-Digital team pens the TMT chapter for September 2025

Emilie de Vaucresson, Amanda Dubarry, and Hanna-Marie Borten-Guary contribute to the TMT chapter of the 9th edition of the Legal 500 guide. The legal landscape surrounding technology, media, and telecommunications is constantly evolving, marked in particular by increasingly numerous and complex European regulations.

 

In this context, Emilie de Vaucresson, Amanda Dubarry, and Hanna-Marie Borten-Guary offer a comprehensive overview of the regulations applicable to key issues, including:

 

🔹 Intellectual Property: software protection and copyright
🔹 Digital Transactions: SaaS, licensing, and technology contracts
🔹 Telecommunications: sector-specific regulation and authorizations
🔹 Artificial Intelligence: generative AI and new compliance obligations
… and much more.

👉 Discover their full analysis here.