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UBS has lost a court challenge against a €172.4 million EU cartel fine, with the Luxembourg-based General Court upholding the EU antitrust regulators' decision while reducing fines for Nomura and UniCredit. The case, involving price-fixing among major banks from 2007 to 2011, confirmed that banks are liable for their traders' anticompetitive conduct. UBS is considering an appeal against the ruling.
The EU General Court upheld fines against three investment banks involved in a cartel for European government bond transactions, reducing Unicredit's penalty from €69.4 million to €65 million and Nomura's from €129.5 million to €125.6 million, while UBS's fine remains at €172.3 million. The court confirmed the anticompetitive behavior, which included sharing sensitive information, caused significant harm to competition. Other banks involved either faced no fines due to statute limitations or disclosed information to the Commission.
UBS has been ordered to pay the full EU antitrust fine of €172.4 million for its role in a bond trading cartel, as confirmed by Europe's second-highest court. The court also reduced fines for UniCredit to €65 million and Nomura to €125.6 million, while other involved banks were not fined.
The Court of Justice of the European Union upheld €371 million in fines against Nomura, UBS, and UniCredit for their involvement in a cartel manipulating the European government bonds market from 2007 to 2011. While fines for Nomura and UniCredit were slightly reduced, the court confirmed the European Commission's ruling, emphasizing the cartel's detrimental impact on competition. Bank of America, Natixis, and NatWest escaped penalties due to legal time limits or cooperation, while Portigon's fine was eliminated due to financial losses.
UBS, UniCredit, and Nomura faced setbacks in court regarding an EU antitrust fine linked to a bond cartel, with UBS's fine of €172.4 million upheld. The Luxembourg court confirmed the European Commission's findings while slightly reducing fines for UniCredit and Nomura. The cartel operated from 2007 to 2011, involving traders sharing sensitive information in chat rooms.
UBS, UniCredit, and Nomura faced setbacks in court regarding an EU antitrust fine linked to a bond cartel that operated from 2007 to 2011. UBS's fine of €172.4 million was upheld, while UniCredit and Nomura saw their fines slightly reduced to €65 million and €125.6 million, respectively. The court confirmed the banks' responsibility for their traders' anti-competitive actions, while Bank of America and Natixis avoided fines due to timing issues.
UBS has lost its appeal against a €172.4 million fine from the EU for its involvement in a bond cartel, with the court largely upholding the European Commission's ruling. UniCredit and Nomura had their fines reduced, while Bank of America and Natixis were not fined due to statute limitations. The cartel, which included several banks, operated from 2007 to 2011, with traders exchanging sensitive information via Bloomberg terminals.
UBS, UniCredit, and Nomura have lost a court challenge against a €172.4 million EU cartel fine, with the court largely upholding the European Commission's 2021 decision. The cartel, involving several banks, operated from 2007 to 2011, with traders exchanging sensitive information via Bloomberg chatrooms. While UBS is considering an appeal, fines for UniCredit and Nomura were slightly reduced, while Bank of America and Natixis were not fined due to timing issues.
Santander UK successfully dismissed a lawsuit claiming banks have a duty to recover funds lost in authorized push payment (APP) scams. The case involved CCP Graduate School, which lost £415,000 to fraudsters posing as legitimate beneficiaries. In 2023, over 232,000 APP scam cases were reported in the UK, with new compensation rules set to take effect in October 2024.
The taxpayer's stake in NatWest, formerly known as Royal Bank of Scotland, has dipped below 4%, now standing at 3.95% after a recent share sale. This marks a significant reduction from the 84% stake acquired during the 2008 bailout, as the bank moves closer to full privatization. Investment group BlackRock has taken over as the largest shareholder, while plans for a public sale of remaining shares were abandoned following the last general election.
NatWest Group plc
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banks face reduced fines in eu cartel case ruling
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