That sounds like a separate thing entirely. I could be wrong, but I don’t think Valve has any say in how keys not sold through the Steam storefront are resold, so supposedly the lawsuit should target whoever is distributing keys in that way. AFAIK, Steam only offers two ways to buy a game–buy the game for yourself and buy as a gift–and in neither case does Steam offer the keys directly to users.
And then there’s this from the article:
In a statement back in 2021, Valve said that the charges didn’t pertain to PC games sold on Steam, but that it was accused of locking keys to particular territories at the request of publishers. It added that it turned off region locks for most cases (other than local laws) in 2015 because of the EU’s concerns.
So AFAIK Valve isn’t distributing resellable keys that are region locked, it’s region-locking at the point of purchase and allowing developers to request region-locked keys. So it would be on publishers to abide by EU laws, no?
The again, I don’t live in the EU, nor have I ever bought a physical Steam key (not sure if Valve directly offers that in any way).