Judgments in Cases T-386/21 Crédit agricole and Crédit agricole Corporate and Investment Bank v Commission and T-406/21 UBS Group and Credit Suisse Securities (Europe) v Commission

6th November 2024

General Court Judgments in Cases T-386/21 Crédit agricole and Crédit agricole Corporate and Investment Bank v Commission and T-406/21 UBS Group and Credit Suisse Securities (Europe) v Commission

(Competition)

In 2018, the European Commission opened competition infringement proceedings involving Deutsche Bank, Bank of America, Crédit Agricole and Credit Suisse (now UBS Group).

In June 2023, UBS Group formally acquired Credit Suisse Group and all its rights and obligations. UBS Group therefore replaces Credit Suisse Group in the T-406/23 action, which was filed on 6 August 2021.

Having previously applied for immunity from fines in exchange for its cooperation in the investigation, Deutsche Bank was granted immunity.

The European Commission has fined Bank of America (Merrill Lynch), Crédit Agricole, and Credit Suisse for breaching EU antitrust rules. The four banks took part in a cartel in the secondary trading market within the European Economic Area of Supra- sovereign, Sovereign and Agency (SSA) bonds denominated in US Dollars.

According to the Commission, traders employed by those banks agreed on trading and pricing strategies and exchanged commercially sensitive market information relating to their activities. These exchanges took place via Internet discussion forums or via electronic or telephone discussions between January 19, 2010 and March 24, 2015.

By analysing these exchanges, the Commission concluded that the banks concerned had engaged in conduct which had the object or effect of preventing, restricting or distorting competition within the internal market. It imposed a fine of €12.6 million on Bank of America and €11.9 million on Crédit Suisse, while Crédit Agricole was fined €3.9 million.

Crédit Agricole and Credit Suisse have each lodged an action for annulment of this decision, insofar as it concerns them separately. Crédit Agricole is also seeking a reduction in its fine. Crédit Agricole and Credit Suisse claim that the Commission committed errors of assessment in considering that they had participated in an anti- competitive cartel in the SSA bond sector.

Background Documents T-386/21

Background Documents T-406/21

Mittwoch, 6. November 2024

Urteile des Gerichts in den Rechtssachen T‑386/21 Crédit Agricole und Crédit Agricole Corporate and Investment Bank / Kommission und T‑406/21 UBS Group und Credit Suisse Securities (Europe) / Kommission

SSA-Anleihen-Kartell

Mit Beschluss vom 28. April 2021 verhängte die Kommission gegen die Bank of America Merrill Lynch, Crédit Agricole und Credit Suisse Geldbußen in Höhe von insgesamt 28,5 Mio. Euro wegen Beteiligung an einem Kartell im Bereich des Handels mit auf US-Dollar lautenden supranationalen, staatlichen und halbstaatlichen Anleihen (SSA-Anleihen) auf dem Sekundärmarkt im Europäischen Wirtschaftsraum. Gegen die ebenfalls daran beteiligte Deutsche Bank verhängte sie keine Geldbuße, weil sie von ihr über das Bestehen des Kartells informiert worden war (siehe auch Pressemitteilung der Kommission IP/21/2004).

Crédit Agricole sowie UBS Group und Crédit Suisse haben diesen Beschluss vor dem Gericht der EU angefochten, das heute seine Urteile verkündet.

Weitere Informationen T-386/21

Weitere Informationen T-406/21