The Court of Justice of the European Union (CJEU) upheld the European Commission's decision to fine several banks for their involvement in a cartel affecting the market for European government bonds (EGBs). While the penalties for Nomura and UniCredit were slightly reduced, the court largely confirmed the Commission’s ruling.
Nomura, UBS, and UniCredit had been fined a total of €371 million for engaging in price-fixing, market sharing, and customer allocation between 2007 and 2011. Bank of America, Natixis, and NatWest avoided penalties due to legal time limits or cooperation with authorities, while Portigon's fine was reduced to zero due to financial losses.
The court reaffirmed that the cartel's practices were harmful to competition, eliminating the need for the Commission to prove their direct impact on the market. Six of the seven banks, excluding NatWest, had challenged the decision.
