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Credit Agricole, Credit Suisse see SSA bond cartel fines upheld by court

( November 6, 2024, 09:11 GMT | Official Statement) -- MLex Summary: Credit Agricole and failed bank Credit Suisse today lost their appeals of fines totaling more than 15.8 million euros, which were imposed on them in 2021 for their part in a cartel in the sector for US dollar-denominated supra-sovereign, sovereign and public agency bonds. In judgments delivered today, the EU General Court said the lenders had taken part in the collusion and maintained the level of the fines. The court fully rejected the appeal by Credit Suisse, which was acquired by UBS in 2023. The court annulled the decision in relation to Credit Agricole, but only with regard to the start of the infringement period, which it set to Jan. 11, 2013.Press release follows. The judgment is attached. Case references are T-386/21 and T-406/21. ...

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