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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.
Stefan Walter, Switzerland’s financial regulator known as “The Sheriff,” is challenging the banking elite, particularly UBS, by advocating for stringent capital requirements following the Credit Suisse collapse. His push could impose up to $25 billion in new capital demands on UBS, which argues this is an overreaction. Walter's assertive approach is disrupting the previously cozy relationship between Swiss banks and their regulator.
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.
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.
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European court upholds 172 million euro fine against UBS for cartel involvement
Euro
Bank of America Corporation
Nomura Holdings, Inc.
UniCredit S.p.A.
NatWest Group plc
CHE
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14:45 26.03.2025
eu court upholds bond cartel fines for unicredit ubs and nomura
14:38 26.03.2025
uniCredit UBS and Nomura lose appeal against EU bond cartel fines
14:29 26.03.2025
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
swiss regulator challenges banking elite amid rising capital requirements for UBS
Swiss Franc
United States Dollar
Julius Bär Gruppe AG
UBS Group AG
DEU
CHE
Stefan Walter
Karin Keller-Sutter
13:41 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
eu court reduces fines for nomura and unicredit in bond cartel case
13:09 26.03.2025
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