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UBS asks EU judges to annul bonds-cartel fine over ‘arbitrary’ calculation methodology

By Tono Gil ( June 9, 2023, 13:04 GMT | Insight) -- UBS today rounded on the European Commission’s methodology for calculating its 172 million-euro ($185 million) fine for taking part in a European government bonds cartel, arguing at the EU's lower-tier General Court that the sanction should be annulled or recalculated. The Swiss bank said the watchdog “dressed up” its fining methodology as a “scientific calculation,” but it was really based on assumptions and featured a discount factor so high that it had an “enormous” impact.UBS today rounded on the European Commission’s methodology for calculating its 172 million-euro ($185 million) fine for taking part in a European government bonds cartel, arguing at the EU's lower-tier General Court that the sanction should be annulled or recalculated....

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