LUXEMBOURG:** An EU court has significantly reduced an antitrust fine imposed on Credit Suisse, cutting it from 83.2 million euros to 28.9 million euros. The Luxembourg-based General Court ruled that the European Commission miscalculated the penalty while still upholding findings of anti-competitive practices.
The court stated that the commission’s data used to determine the bank’s sales value was less reliable than Credit Suisse’s own figures. “The commission miscalculated the basic amount of the fine that it imposed,“ the court concluded. The ruling remains open to appeal at the EU Court of Justice.
Credit Suisse was part of a group of banks fined a combined 344 million euros in 2021 following an antitrust investigation. The probe revealed traders coordinating forex strategies, including through an online chatroom named “Sterling Lads.” Other banks involved included Barclays, RBS, HSBC, and UBS—though UBS avoided fines by cooperating with authorities.
UBS, which acquired Credit Suisse after its 2023 collapse, had appealed the original fine. - AFP
