The General Court of the European Union today confirmed that Credit Suisse participated in an anti-competitive agreement in the foreign exchange (FOREX) spot trading sector but significantly reduced the fine imposed by the European Commission from €83.2 million to €28.9 million.
The judgment in Case T-84/22 stems from an investigation into collusive behaviour by traders at several major banks who exchanged sensitive information in a professional chatroom called “Sterling Lads” between 2011 and 2012. The Commission had previously settled with four banks—Barclays, HSBC, RBS, and UBS—that cooperated with the investigation. Credit Suisse, which did not cooperate, was fined separately in 2021.
The Court agreed with the Commission’s finding that Credit Suisse’s involvement in the information exchanges reduced market uncertainty and distorted competition in G10 currency spot trading. However, it found fault with how the Commission calculated the fine. According to the judgment, the Commission failed to use the best available data for estimating the value of Credit Suisse’s sales—a key factor in setting the penalty.
As a result, the General Court partially annulled the Commission’s decision and reduced the fine to reflect more accurate sales data presented by Credit Suisse during the administrative procedure.
The case is the latest fallout from a long-running crackdown on cartels in the financial sector, and underscores the continued scrutiny of anti-competitive conduct in currency markets. UBS Group AG and UBS AG, which have taken over the rights and obligations of Credit Suisse following its acquisition, were parties to the case.
An appeal limited to points of law may be filed with the Court of Justice of the European Union within two months and ten days.
Source: General Court press release No. 94/25; Case T-84/22 UBS Group and Others v Commission
https://curia.europa.eu/jcms/upload/docs/application/pdf/2025-07/cp250094en.pdf
