Credit Suisse achieved a significant legal victory on Wednesday after the European Union’s General Court reduced its foreign exchange cartel penalty to €28.9 million ($33.9 million) from the original €83.2 million.
The court established that Credit Suisse joined the Sterling Lads cartel yet the European Commission made an error in its fine calculation through the use of incomplete sales information. The court determined that the Commission made an error by not accepting the precise sales data which the bank presented during the legal proceedings.
The regulatory penalties against Barclays HSBC and NatWest and other global banks for their G10 currency trade manipulation through online chatrooms became public in 2021. The group imposed its second-largest penalty on Credit Suisse when it issued the fine.
The acquired bank UBS chose not to make any statements regarding the court’s decision. The financial institution UBS faces ongoing legal and financial challenges from its high-profile acquisition while it deals with the reduced fine amount.
