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The General Court of the European Union has upheld fines against UBS, Nomura, and UniCredit for participating in a cartel related to European government bonds, originally totaling 371 million euros. While the court confirmed the breaches of EU competition law, it reduced Nomura's fine to 125.65 million euros and UniCredit's to 65 million euros due to calculation errors. The banks are considering appeals to the European Court of Justice.
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 has upheld fines totaling 371 million euros against UBS, Nomura, and Unicredit for their involvement in a European sovereign bond cartel. The court found that traders from these banks exchanged sensitive information via Bloomberg chat rooms from 2007 to 2011, violating EU competition law. While the fines for Nomura and Unicredit were slightly reduced due to calculation errors, all three banks are considering appeals to the European Court of Justice.
UniCredit, UBS, and Nomura have lost their appeal against fines imposed by the EU for their involvement in a bond cartel. The decision underscores the ongoing scrutiny of financial institutions regarding anti-competitive practices in the bond market.
UniCredit, UBS, and Nomura have lost their appeal against a multi-million-euro fine imposed by the European Commission for participating in an illegal cartel involving European government bond trading from 2007 to 2011. The General Court of the European Union upheld the fines, reducing those for Nomura and UniCredit to just under €126 million and €65 million, respectively, while UBS's penalty remains at €172 million. The ruling is not final, and the banks may still appeal.
UBS, Unicredit, and Nomura have failed to overturn a multi-million euro fine imposed by the European Commission for their involvement in a cartel trading European government bonds from 2007 to 2011. The General Court of the European Union upheld UBS's fine at approximately 172 million euros, while slightly reducing the penalties for Nomura and Unicredit to just under 126 million and 65 million euros, respectively. The banks retain the option to appeal the ruling.
UBS is negotiating concessions to avoid stricter capital requirements following its takeover of Credit Suisse. The bank is willing to limit its investment banking share to 30% of its overall business and hold more capital, although not to the levels proposed by Swiss regulators. UBS faces a potential need to raise up to $19 billion in additional capital, with the possibility of increasing this by another $5 billion, which could hinder its growth, especially in the U.S. market.
Unicredit, UBS, and Nomura have faced a multi-million euro fine from the European Commission for participating in a cartel in European government bond trading from 2007 to 2011. The General Court of the European Union upheld the fines, with UBS facing the largest penalty of 172 million euros, while Nomura and Unicredit received reduced fines of approximately 126 million euros and 65 million euros, respectively. Seven banks were implicated, but others avoided penalties by cooperating as key witnesses.
Unicredit, UBS, and Nomura have faced a multi-million euro fine from the European Commission for participating in a cartel involving European government bonds from 2007 to 2011. UBS's fine remains at 172 million euros, while Nomura and Unicredit's fines are reduced to approximately 126 million euros and 65 million euros, respectively. Seven banks were implicated, but others avoided penalties by acting as key witnesses.
UBS, Unicredit, and Nomura have faced a multi-million euro fine for colluding on government bond prices during the financial crisis. The European Commission confirmed UBS's fine at approximately 172 million euros, while penalties for Unicredit and Nomura were slightly reduced to just under 65 million and 126 million euros, respectively. Seven banks were involved in the cartel, but some escaped penalties due to their roles as key witnesses.
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european court upholds fines for banks in government bond cartel case
15:03 26.03.2025
European court upholds 172 million euro fine against UBS for cartel involvement
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Bank of America Corporation
Nomura Holdings, Inc.
UniCredit S.p.A.
NatWest Group plc
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14:45 26.03.2025
eu court upholds bond cartel fines for unicredit ubs and nomura
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uniCredit UBS and Nomura lose appeal against EU bond cartel fines
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banks lose appeal against eu bond cartel fines with reduced penalties
13:53 26.03.2025
banks face fines for collusion in government bond trading cartel
13:48 26.03.2025
UBS negotiates concessions to avoid stricter capital requirements after Credit Suisse takeover
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Nomura Holdings, Inc.
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13:25 26.03.2025
banks face fines for involvement in government bond trading cartel
13:20 26.03.2025
banks face multi-million fines for collusion in government bond trading
13:19 26.03.2025
banks face fines for colluding on government bond prices during crisis
13:14 26.03.2025
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