The European Court of Justice has confirmed the European Commission's 2021 sanctions against Credit Suisse, upholding a fine of €11.9 million for the bank's involvement in a bond cartel.
Credit Suisse's appeal was dismissed, and a €3.9 million fine on Credit Agricole was also maintained. Bank of America was fined €12.6 million for its role in the cartel, while Deutsche Bank avoided penalties by reporting the cartel activities to the European Commission.
The European Commission found that brokers from these banks colluded between 2010 and 2015 in the European secondary market for suprasovereign, sovereign, and agency bonds denominated in US dollars. The collusion involved agreeing on commercial strategies, exchanging sensitive information, and coordinating pricing.