Crédit Agricole lost its first appeal against the multi-million euro fine imposed by European Union (EU) antitrust authorities in 2021 for taking part in a bond cartel, according to a press release from the Court of Justice of the European Union (CJEU) published on Wednesday.
The European Commission had imposed a fine of 3.9 million euros on the French banking group, considering that it had participated in a cartel in the sector of supra-sovereign bonds, sovereign bonds and bonds of public bodies denominated in US dollars (“SSA Bonds”)
“We take note of the decision of the EU General Court. We are carefully reviewing the judgment of the EU General Court and are considering appealing this judgment”indicated Crédit Agricole in a statement sent to Reuters, recalling that “The fine has already been paid and will therefore have no impact on our future results. »
Crédit Suisse, which is now part of UBS, also lost its first appeal after the European Commission imposed a fine of 11.9 million euros.
Bank of America Merrill Lynch, which also participated in the cartel, was fined €12.6 million, while Deutsche Bank, which alerted the EU antitrust authority, avoided a fine of 21.5 million euros.
The CJEU, based in Luxembourg, sided with the European authority responsible for enforcing competition law.
“The General Court of the European Union confirms the Commission's finding of infringement and maintains the amount of the fines imposed in 2021”, indicated the CJEU.
According to the Commission, traders from the four banks agreed on trading strategies, exchanged sensitive price information and coordinated on prices for five years through chat rooms on Bloomberg terminals.
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