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HSBC’s Gamble Pays Off as $37 Million Euribor Fine Scrapped

  • Fine toppled by European bloc’s General Court in Luxembourg
  • After setback, EU Commissioner Vestager must weigh options
HSBC Holdings Plc offices in Canary Wharf, London.

HSBC Holdings Plc offices in Canary Wharf, London.

Photographer: Chris Ratcliffe/Bloomberg
Updated on

HSBC Holdings Plc won its fight against a 33.6 million-euro ($37 million) European Union antitrust fine for rigging a key benchmark in a decision that may give hope to other banks that are challenging penalties in the massive case.

While the judges at the EU’s General Court agreed that HSBC broke competition rules, they said regulators provided “insufficient reasoning” for the amount of the fine. JPMorgan Chase & Co. and Credit Agricole SA’s are fighting even larger fines in the case.