The General Court of the European Union has upheld fines imposed on Credit Suisse and Credit Agricole for their involvement in a bond trading cartel.
The European Commission had previously fined Credit Suisse €11.9 million and Credit Agricole €3.9 million in 2021 for collusive practices in the European secondary trading market for U.S. denominated supra-sovereign, sovereign, and agency (SSA) bonds.
This ruling is significant in the ongoing scrutiny of financial institutions by EU regulators.
The cartel's activities involved traders from the implicated banks coordinating trading strategies, exchanging sensitive pricing information, and manipulating prices through chatrooms on Bloomberg terminals.
Bank of America Merrill Lynch was also fined €12.6 million, while Deutsche Bank, which reported the misconduct, avoided a €21.5 million penalty.
Both Credit Suisse and Credit Agricole have the option to appeal the decision to the Court of Justice of the European Union (CJEU).
This ruling emphasizes the EU's commitment to enforcing antitrust laws and maintaining competitive markets.
It also highlights the need for robust internal controls and adherence to regulatory standards in the financial sector.
The outcome of any potential appeals by Credit Suisse and Credit Agricole will be closely watched as it could set important precedents for future antitrust cases in the financial industry.