UBS, Credit Agricole Lose Fight Over EU Bond Cartel Fines
- Judges side with EU in antitrust case over chatroom collusion
- UBS was contesting Credit Suisse’s €11.9 million penalty
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Credit Suisse’s new owner UBS Group AG and Credit Agricole SA lost a European Union court fight against multimillion-euro penalties for a bond trading cartel between rival banks.
Judges at the EU’s General Court in Luxembourg backed the European Commission’s 2021 decision to slap Credit Suisse and Credit Agricole SA with fines of €11.9 million ($12.8 million) and €3.9 million for allegedly colluding in chatrooms on trading of U.S. supra-sovereign, sovereign and agency bonds.