For example,
Ubs obtains discount 54 million:
European justice –
UBS obtains a 54 million discount on the fine of Credit Suisse
The EU Court of Justice reduced the sanction against Credit Suisse to 28.9 million euros in the case of the Forex cartel. For example, A partial victory for UBS which inherited this file after the takeover.
Urs power
The Court of Justice of the European Union has reduced the fine inflicted on Credit Suisse at 28.9 million euros against 83.2 million before. Nevertheless, while confirming the participation of Credit Suisse, bought since by UBS, also involved, to an agreement in the cash operations sector.
“If Credit Suisse actually participated in the agreement. In addition, the commission [européenne] However, did not correctly determine the replacement value of the value of its sales to fix the amount of the fine sanctioning this offense, ”justifies the Luxembourg -based institution in a statement published on Friday. In addition, The data used by the European Commission “were less complete. Consequently, reliable than those offered for this purpose by Credit Suisse during the administrative procedure”.
Sensitive information ubs obtains discount 54 million on Credit Suisse
The case dates back to the early 2010s. At the end of an investigation. the European Commission revealed that, between 2011 and 2012, some traders responsible for cash exchange operations (Forex) working for various banks had exchanged sensitive information on an online professional discussion forum called Sterling Lads. “These exchanges of information allowed the traders to make decisions knowingly regarding the opportunity to sell. buy these currencies and at the time to carry out such operations,” recalls the document.
Through these behaviors. five establishments, namely Credit Suisse, Barclays, HSBC, Royal Bank of Scotland (RBS) and UBS, “reduced their uncertainty in this sector and have therefore distorted free competition”. The European Commission adopted a transaction decision with regard to the last four cited that cooperated with it during the investigation. granted conditional immunity to UBS. The ubs obtains discount 54 million two -sails’ bank not having cooperated, the Commission inflicted a fine of 83.2 million euros.
Considering himself injured. UBS Group, who took over Credit Suisse Group, UBS AG, buyer of Credit Suisse AG, and Credit Suisse Securities (Europe) LTD, challenged the decision before the European Union court. The latter rejected the request to have the committee ‘decision canceled. but partially canceled the contested decision and therefore reduced the amount of the fine.
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