Zurich (awp) – The Court of Justice of the European Union (EU) has confirmed a fine of 11.9 million euros imposed on Credit Suisse (CS) in 2021. The European Commission had sanctioned the major bank, since acquired by UBS, for its participation in a bond cartel.
Europe’s second highest court has rejected CS’s complaint in its entirety, it announced on Wednesday. It also confirmed the fine of 3.9 million euros against Credit Agricole, which had also contested this decision. In addition to the two establishments, Bank of America was also fined 12.6 million euros. Deutsche Bank, on the other hand, escaped sanctions because it reported the cartel to the European Commission.
According to the European Commission, brokers of the four banks colluded between 2010 and 2015 on the European secondary market for supra-sovereign, sovereign and agency (SSA) bonds denominated in US dollars. They agreed on business strategies, exchanged sensitive information and agreed on prices.
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