Skip to content
Subscriber Only

BofA Hit Hardest as EU Fines Bond-Trading Trio $34 Million

  • Traders colluded for sovereign-bonds sold to pension funds
  • Deutsche Bank dodged fine after revealing details of scheme
Bank of America received the largest penalty of 12.6 million euros.
Photographer: Jeenah Moon/Bloomberg
Updated on

Bank of America Corp. Credit Suisse Group AG and Credit Agricole SA were fined about 28.5 million euros ($34 million) by European Union regulators for colluding in chatrooms on trading of U.S. supra-sovereign, sovereign and agency bonds.

Bank of America got the largest individual penalty of 12.6 million euros, while Credit Suisse was fined 11.9 million euros and Credit Agricole was ordered to pay more than 3.9 million euros. Deutsche Bank AG participated in the cartel but dodged a potential penalty of about 21.5 million euros because it was the first to inform the EU about the illegal behavior.