The European Court of Justice has upheld a fine of €11.9 million against Credit Suisse for its involvement in a bond cartel.
Credit Agricole's appeal was also dismissed, and they were fined €3.9 million.
Bank of America was fined €12.6 million, while Deutsche Bank avoided penalties by reporting the cartel activities.
The European Commission found that brokers from these banks colluded between 2010 and 2015 in the European secondary market for certain types of bonds denominated in US dollars.
The collusion involved coordinated trading strategies, the exchange of sensitive information, and price agreements.