EU court dismisses Credit Agricole, Credit Suisse challenges against EU cartel fines
BRUSSELS, Nov 6 (Reuters) -Europe's second top court on Wednesday dismissed challenges by Credit Suisse CSAG.UL, now part of UBS UBSG.S, and Credit Agricole CAGR.PA against million-euro fines issued by EU antitrust regulators in 2021 for taking part in a bond cartel.
The European Commission handed out a 11.9 million euro fine to Credit Suisse and a 3.9 million euro fine to Credit Agricole, saying the cartel operated in the European secondary trading market related to U.S. denominated supra-sovereign, sovereign and agency (SSA) bonds.
"The General Court of the European Union confirms the Commission's finding of an infringement and maintains the amount of the fines imposed in 2021," The Luxembourg based tribunal said.
The cases are Judgments in Cases T-386/21 Credit agricole and Credit agricole Corporate and Investment Bank v Commission and T-406/21 UBS Group and Credit Suisse Securities (Europe) v Commission.
Reporting by Foo Yun Chee
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