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EU Court Upholds Fines for Bond Price-Fixing Cartel

European court upholds EU Commission's fines against Credit Agricole and Credit Suisse for bond price fixing cartel.

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United States

European UnionEuFinanceInternational TradeLawAntitrustCartel

European CommissionCredit AgricoleCredit SuisseUbsBank Of America

Margrethe VestagerTeresa Ribera

Which bank received immunity in the investigation, and why?: Deutsche Bank was granted immunity in the investigation due to its cooperation. Bank of America also received a fine for its involvement in the cartel.
What are the next steps being considered by the banks involved?: Credit Agricole is considering appealing the court's decision, while UBS declined to comment. The case highlights the EU's commitment to enforcing antitrust rules in the financial sector.
What was the nature of the anticompetitive behavior engaged in by the banks?: Credit Agricole and Credit Suisse were fined for exchanging sensitive information through internet chatrooms and phone calls to coordinate prices. This collusion occurred between 2010 and 2015 in the secondary trading market for US dollar-denominated bonds.
What was the basis for the court's decision upholding the Commission's fines?: The Court ruled that the Commission correctly assessed the economic context and impact of the banks' actions, rejecting the appeals' claims of insufficient evidence. The decision is a final victory for EU Competition Commissioner Margrethe Vestager.
What was the outcome of the appeals lodged by Credit Agricole and Credit Suisse?: The European General Court upheld the European Commission's 2021 decision to fine Credit Agricole and Credit Suisse for colluding on price fixing of dollar-denominated bonds. The court found that the Commission presented sufficient evidence of anticompetitive behavior.

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