The European Court of Justice has upheld the fine of €11.9 million imposed on Credit Suisse for its involvement in a cartel related to dollar bonds.

This decision confirms the European Commission's ruling in 2021, which also fined Bank of America and Crédit Agricole €12.6 million and €3.9 million, respectively.

Deutsche Bank, who reported the agreements and acted as a key witness, was not fined.

Credit Suisse's appeal was dismissed, and although there was a correction in the infringement period for Crédit Agricole, it did not affect the amount of the fine.

The case revolves around actions taken by the banks between 2010 and 2015, where traders coordinated prices and exchanged sensitive information in the secondary market for supranational and government bonds.