The European Court of Justice has confirmed a fine of €11.9 million against Credit Suisse for its involvement in a bond cartel.
The decision was originally made by the European Commission in 2021. The ruling affirms that Credit Suisse colluded with other financial institutions on the European secondary market for suprasovereign, sovereign, and agency bonds denominated in US dollars from 2010 to 2015.
Credit Agricole also had its €3.9 million fine upheld by the court, despite contesting the decision. Bank of America was fined €12.6 million for its role in the cartel. It is worth noting that Deutsche Bank avoided penalties by reporting the cartel agreement to the European Commission.
This case highlights the ongoing scrutiny of collusion practices in the financial sector.