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UBS, UniCredit, and Nomura have lost their appeal against a €371 million EU cartel fine, with the court upholding UBS's €172.4 million penalty while reducing fines for UniCredit and Nomura. The banks' traders were found to have engaged in anti-competitive practices from 2007 to 2011. Both UniCredit and Nomura plan to appeal the ruling, disputing their involvement in the infringement.
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.
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.
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.
The Luxembourg-based General Court has upheld the EU's cartel decision against UBS, UniCredit, and Nomura, largely confirming the European Commission's ruling. However, it has moderately reduced the fines imposed on UniCredit and Nomura.
Credit Suisse and Credit Agricole have lost their initial legal challenges against EU antitrust fines totaling €15.8 million for their involvement in a bond cartel. The European Commission imposed fines of €11.9 million on Credit Suisse and €3.9 million on Credit Agricole for colluding on trading strategies and pricing in the SSA bonds market. The General Court upheld the fines, allowing the banks to appeal to the Court of Justice of the European Union.
The EU's General Court has upheld fines against Credit Suisse and Credit Agricole for their involvement in a bond cartel, originally imposed by the European Commission in 2021. Credit Suisse faces an €11.9 million fine, while Credit Agricole is fined €3.9 million for colluding in the secondary trading market of U.S. denominated SSA bonds.
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