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The EU's General Court upheld significant fines against UBS, Nomura, and UniCredit for colluding in the government bond markets during the 2008 financial crisis. The banks, along with others, were found to have shared sensitive information to gain an unfair advantage. UBS faces fines exceeding €172 million, while Nomura and UniCredit are fined €125.6 million and €65 million, respectively.
UBS is open to compromise on capital requirements, proposing to limit risky investment banking to 30% of its business and potentially adding $5 billion in equity, though less than regulators demand. The bank faces a €172 million fine for participating in a bond trading cartel, which it may appeal. Additionally, UBS experienced a technical disruption affecting client payment transactions, with double debits reported, but the issue has been identified and will be corrected.
Citi has identified HSBC and NatWest as top picks among UK banks, suggesting they offer better value after lagging behind a broader European banking rally in 2025. While European bank shares have surged due to optimism about fiscal stimulus, Citi warns that earnings growth may be limited and advises selective investment in banks with potential for near-term upgrades.
The European General Court has upheld a multi-million euro fine against UBS, UniCredit, and Nomura for their involvement in a cartel manipulating European government bond trading from 2007 to 2011. UBS's fine remains at €172 million, while fines for UniCredit and Nomura have been slightly reduced, totaling €363 million for all three banks. UBS is considering an appeal against the ruling.
The European Court of Justice has upheld a €172.4 million fine against UBS, confirming the bank's involvement in a cartel with several others in the European government bond sector from 2007 to 2011. The court noted that traders exchanged information to gain competitive advantages, impacting the entire European Economic Area market. UBS is currently evaluating the decision and considering an appeal.
The General Court of the European Union upheld the European Commission's 2021 decision regarding a cartel among seven major investment banks in the European government bonds sector, confirming that their collusion undermined competition. While fines for Nomura and Unicredit were slightly reduced due to errors in the Commission's calculations, UBS's fine remains unchanged. Other banks escaped penalties due to various reasons, including expired statutes of limitations and self-reporting.
The EU's General Court has upheld a €172.4 million antitrust fine against UBS for its role in a bond trading cartel, while slightly reducing fines for UniCredit and Nomura. The total fines imposed by the European Commission on the three banks amounted to €371 million. Other banks involved, such as NatWest and Bank of America, were not fined for various reasons, including NatWest's initiation of the proceedings.
Santander UK has successfully dismissed a lawsuit from CCP Graduate School, which claimed that banks have a responsibility to recover funds lost to fraud. The case arose after CCP Graduate School transferred approximately £415,000 from its Natwest account to a Santander account controlled by fraudsters.
The Court of Justice of the European Union has upheld fines against Unicredit, Nomura, and UBS for their involvement in a cartel in the European government bond sector from 2007 to 2011. The total fines amount to 371 million euros, with Unicredit's fine reduced from 69.4 million to 65 million euros, and Nomura's from 129.5 million to 125.6 million euros, while UBS's fine of 172.3 million euros remains unchanged. Other banks involved, including Bank of America and Natixis, faced no fines due to time limitations or whistleblower status.
The Luxembourg-based General Court upheld fines imposed by the European Commission on three investment banks, reducing UniCredit's penalty from €69.4 million to €65 million and Nomura's from €129.5 million to €125.6 million. UBS's fine of €172.3 million remains unchanged. The case involved seven banks accused of colluding to exchange information on European State bonds from January 2007 to November 2011 to secure better conditions.
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eu court upholds fines against banks for colluding in bond markets
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