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Unicredit, UBS, and Nomura have failed to overturn a multi-million euro fine imposed by the European Commission for colluding on prices in the trading of government bonds between 2007 and 2011. UBS faces the largest penalty at 172 million euros, while Nomura and Unicredit are fined nearly 126 million and 65 million euros, respectively. Seven banks were involved in the cartel, but some escaped penalties due to their cooperation as key witnesses.
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.
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.
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.
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.
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 upheld fines against UBS, Nomura, and UniCredit for their roles in a government-bonds cartel, totaling 371 million euros. The court confirmed a continuous antitrust violation involving the sharing of sensitive information among traders from 2007 to 2011. While fines for Nomura and UniCredit were slightly reduced, the banks retain the option to appeal to the EU's highest court.
The European General Court has upheld the European Commission's antitrust fines against UBS, Nomura, and UniCredit for their roles in a European sovereign bond cartel, totaling €371 million. The court confirmed that the banks engaged in price fixing and exchanged sensitive information through Bloomberg chatrooms from 2007 to 2011. While the penalties for Nomura and UniCredit were slightly reduced, they retain the option to appeal to the European Court of Justice.
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.
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