EU Court Slashes Credit Suisse Cartel Fine
The European Union's General Court has reduced Credit Suisse's fine for involvement in a foreign exchange trading cartel from 83.2 million euros to 28.9 million euros. The court acknowledged Credit Suisse's participation but criticized the European Commission for miscalculating the original fine.
- Country:
- Belgium
The European Union's General Court has revised the penalty imposed on Credit Suisse, reducing the fine from a hefty 83.2 million euros to a significantly lower 28.9 million euros. This was due to their role in a cartel within the foreign exchange trading sector.
The ruling identified that while Credit Suisse was indeed a participant in the illicit cartel activity, the European Commission did not appropriately calculate the financial penalty it initially levied.
The adjustment underscores the court's stance that the enforcement of penalties must align with precise legal and financial assessments.
(With inputs from agencies.)
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