The European Court of Justice has confirmed that Credit Suisse has been fined €11.9 million by the European Commission for violating competition rules in the bond market.

The bank was found guilty of colluding with other banks in a cartel from 2010 to 2015, where traders exchanged sensitive trading information and coordinated pricing strategies.

Crédit Agricole, another bank involved in the cartel, also had its penalty of approximately €4 million upheld by the court.

The American Bank of America had previously paid around €13 million in relation to the investigation.

Deutsche Bank, although implicated in the cartel, avoided sanctions by disclosing its existence to EU officials.

The investigation, which began in August 2015, revealed that traders from the involved banks regularly communicated through chat rooms on Bloomberg terminals, undermining market competition.