The European Union 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 ruling upholds a decision made by the European Commission in 2021.

Credit Suisse, which has been acquired by UBS, had all of its appeals rejected by the court. Crédit Agricole also had a penalty of approximately 4 million euros upheld. The investigation into antitrust violations began in August 2015 and found that Credit Suisse, Crédit Agricole, and other banks were involved in a cartel from 2010 to 2015.

Traders from these institutions communicated regularly through chat rooms on Bloomberg terminals, sharing sensitive trading information and coordinating pricing strategies. Deutsche Bank, on the other hand, faced no sanctions as it voluntarily disclosed the existence of the cartel to authorities in Brussels.

• The European Union Court of Justice has confirmed a fine of 11.9 million euros against Credit Suisse for colluding with other banks in the bond market.
• Credit Suisse, which has been acquired by UBS, had all of its appeals rejected by the court.
• Crédit Agricole also had a penalty of approximately 4 million euros upheld.