The European Court of Justice has confirmed a fine of 11.9 million euros against Credit Suisse for colluding with other banks in the bond market. The fine was originally imposed by the European Commission in 2021.
The investigation, which started in August 2015, found that four investment banks, including Credit Suisse and Crédit Agricole, were involved in a cartel from 2010 to 2015. The banks shared sensitive trading information through chat rooms on Bloomberg terminals. Deutsche Bank, although implicated in the cartel, did not face any sanctions as it disclosed the cartel"s existence to EU officials.
Credit Suisse appealed the decision but the court dismissed the appeal. Credit Suisse is now under UBS ownership. Crédit Agricole also appealed a penalty of approximately 4 million euros, but the court upheld the penalty. The investigation revealed that the banks coordinated their pricing strategies, which undermined competition in the market.