UBS Group AG and Credit Agricole SA have suffered a setback in their legal battle against the European Union. The EU's General Court in Luxembourg has upheld significant fines imposed on the banks for their involvement in a bond trading cartel.

The court's decision supports the European Commission's ruling in 2021, which fined Credit Suisse (now owned by UBS) €11.9 million ($12.8 million) and Credit Agricole €3.9 million. The fines were imposed due to allegations that the banks colluded in chatrooms to manipulate the trading of U.S. supra-sovereign, sovereign, and agency bonds.

This ruling is a significant development in the ongoing scrutiny of banking practices within the EU, shedding light on the regulatory environment surrounding financial institutions and their trading activities.