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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.
The European 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. UniCredit's penalty is now €65 million, down from €69.4 million, and Nomura's is reduced to €125.6 million from €129.6 million. Other banks involved, including NatWest and Bank of America, were not fined for various reasons.
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 a full EU fine of 172.4 million euros for its role in a bond trading cartel, as confirmed by Europe's second-highest court. While the fines for Italian UniCredit and Japanese Nomura were reduced, UBS's appeal was unsuccessful, maintaining the original penalty. The European Commission had initially imposed a total of 371 million euros in fines on the three banks involved.
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.
The EU General Court has upheld fines against Unicredit, Nomura, and UBS for their involvement in a cartel related to European government bond transactions from January 2007 to November 2011. Unicredit's fine was reduced 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 case also involved other institutions, including Natixis, Bank of America, and NatWest.
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.
The EU's second highest court has upheld the antitrust decision against UBS, UniCredit, and Nomura for their involvement in a government bond cartel, confirming the European Commission's findings. However, the court has moderately reduced the fines for UniCredit and Nomura.
The EU's second-highest court upheld the antitrust ruling against UBS, UniCredit, and Nomura for their roles in a government bond cartel, confirming the European Commission's decision. However, the court moderately reduced the fines for UniCredit and Nomura.
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