EU court confirms CS fine from 2021 for bond cartel
Published: Wednesday, Nov 6th 2024, 12:10
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The Court of Justice of the European Union has confirmed a fine of 11.9 million euros imposed on Credit Suisse in 2021. The European Commission had imposed the fine on the major bank, which has since been taken over by UBS, for participating in a cartel in the trading of dollar bonds.
The EU court dismissed CS's appeal in its entirety, as it announced on Wednesday. It also confirmed the fine of 3.9 million euros against Crédit Agricole, which had also contested the decision. In addition to the two institutions, Bank of America was also fined 12.6 million euros at the time. Deutsche Bank, on the other hand, escaped a fine because it had reported the cartel to the European Commission.
According to the Commission, traders from the four banks had colluded on the secondary market for supranational bonds, government bonds and bonds issued by public authorities in US dollars ("SSA bonds") between 2010 and 2015. They had agreed on trading strategies, exchanged sensitive price information and coordinated prices.
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