The European Court of Justice has upheld the fine of €11.9 million imposed on Credit Suisse for its involvement in a cartel related to dollar bonds. This decision confirms the European Commission's ruling in 2021, which also fined Bank of America and Crédit Agricole €12.6 million and €3.9 million, respectively.
The case revolves around collusion among the banks from 2010 to 2015, where traders coordinated trading strategies and exchanged sensitive price information in the secondary market for supranational and government bonds.
Deutsche Bank, who reported the collusion and acted as a key witness, was not fined. Credit Suisse's appeal against the fine was dismissed, while a correction in the infringement period for Crédit Agricole was acknowledged, but it did not impact the fine amount.