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The General Court of the European Union upheld the European Commission's 2021 decision against Crédit Agricole and Credit Suisse for anti-competitive practices in the SSA bond market, resulting in fines totaling €28.4 million. While Credit Suisse's appeal was dismissed, Crédit Agricole's fine was slightly adjusted due to a date error, but the total remained unchanged. The court confirmed the banks' coordinated actions constituted a single infringement, affirming the Commission's methodology for calculating fines based on trading volume.
Following Donald Trump's election victory, the DAX experienced significant volatility, initially rising to a monthly high of 19,564 points before closing at 19,039, down 1.1%. The index must surpass the 50-day line at 19,064 and the resistance around 19,250 to recover, while support levels are identified at 19,000 and lower.
Credit Suisse and Crédit Agricole have lost their appeals against €28.4 million in fines imposed by the European Commission for participating in a cartel involving SSA bonds from 2010 to 2015. The General Court upheld the Commission's findings, confirming that both banks engaged in collusive trading practices. While Deutsche Bank cooperated and avoided fines, Credit Suisse was fined €11.9 million and Crédit Agricole €3.9 million, with both banks' appeals dismissed.
The EU Court of Justice has upheld an 11.9 million euro fine against Credit Suisse for colluding with other banks in the bond market, violating competition rules. The court also confirmed a 4 million euro penalty against Crédit Agricole, while Deutsche Bank avoided sanctions by disclosing the cartel"s existence. The investigation, initiated in August 2015, revealed that traders from the involved banks coordinated on pricing and shared sensitive trading information through chat rooms on Bloomberg terminals.
The Court of Justice of the EU has upheld a fine of €11.9 million against Credit Suisse for colluding with other banks in the bond market, violating competition rules. The cartel, which included Crédit Agricole and others, operated from 2010 to 2015, with traders sharing sensitive information through chat rooms on Bloomberg terminals. Deutsche Bank was not penalized as it disclosed the cartel"s existence to authorities.
The European Court of Justice upheld fines exceeding 28 million euros against three banks, including Credit Suisse (now UBS) and Crédit Agricole, for colluding to distort competition in the bond market from 2010 to 2015. Deutsche Bank, involved in the cartel, escaped penalties after reporting the misconduct. The court confirmed the anti-competitive behavior of the banks' traders, despite a slight reduction in the infringement period for Crédit Agricole.
The European Court of Justice has upheld a fine of €11.9 million against Credit Suisse for its involvement in a bond cartel, originally sanctioned by the European Commission in 2021. The court also confirmed a €3.9 million fine on Credit Agricole, while Bank of America faced a €12.6 million penalty. Deutsche Bank avoided sanctions by reporting the cartel to authorities.
The European Court of Justice has upheld a €11.9 million fine against Credit Suisse for its role in a bond cartel, originally imposed by the European Commission in 2021. The court also confirmed a €3.9 million fine on Credit Agricole, while Bank of America faced a €12.6 million penalty. Deutsche Bank avoided sanctions by reporting the cartel to authorities. The collusion involved brokers from the banks agreeing on trading strategies and prices for SSA bonds in the European secondary market between 2010 and 2015.
The General Court of the European Union upheld antitrust fines against Credit Agricole and former Credit Suisse for colluding in the U.S. dollar-denominated SSA bonds market. Traders from these banks, along with Bank of America Merrill Lynch and Deutsche Bank, coordinated trading strategies and shared confidential pricing information over five years via Bloomberg chatrooms. Following the dismissal of their appeal, Credit Suisse is set to pay €11.9 million, Credit Agricole €3.9 million, and Bank of America €12.6 million, while Deutsche Bank, which reported the violations, avoided a €21.5 million fine.
The Court of Justice of the European Union has upheld a fine of €11.9 million against Credit Suisse for its involvement in a bond cartel, originally imposed by the European Commission in 2021. The ruling also confirmed a €3.9 million fine on Credit Agricole, while Bank of America faced a €12.6 million penalty. Deutsche Bank avoided sanctions by reporting the cartel to authorities.
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