Published by Global Banking & Finance Review®
Posted on July 23, 2025
2 min readLast updated: January 22, 2026
Add as preferred source on GoogleThe EU court cut Credit Suisse's fine for forex cartel involvement to €28.9M, citing incorrect initial calculations by the European Commission.
BRUSSELS (Reuters) -The European Union's General Court substantially reduced a fine imposed on Credit Suisse to 28.9 million euros ($33.92 million) from 83.2 million euros on Wednesday, over its participation in a foreign exchange trading cartel.
The court ruled that Credit Suisse had participated in the cartel, but the European Commission had not correctly determined the amount of the fine.
"The applicants have rightly claimed that certain data used by the Commission in determining the proxy for the value of Credit Suisse's sales were less complete and reliable than those proposed for that purpose by Credit Suisse during the administrative procedure," the court said in a statement.
UBS, which merged with Credit Suisse in 2024, declined to comment.
The case stemmed from a professional online chatroom called "Sterling Lads" where certain traders exchanged sensitive information, allowing them to make decisions on buying and selling G10 currencies - the world's most liquid and traded currencies - and the timing of those trades.
EU antitrust regulators fined Credit Suisse in 2021 over the cartel, as well as Barclays, HSBC and NatWest. Credit Suisse was at the time handed the second-largest fine, after HSBC.
($1 = 0.8519 euros)
(Reporting by Sudip Kar-Gupta and Makini Brice;Editing by Elaine Hardcastle)
A foreign exchange cartel is a group of financial institutions that collude to manipulate currency exchange rates for profit, often through sharing sensitive trading information.
A fine is a monetary penalty imposed by regulatory authorities on companies or individuals for violating laws or regulations, often as a deterrent against future misconduct.
The European Commission is the executive branch of the European Union responsible for proposing legislation, implementing decisions, and managing the EU's day-to-day operations.
A merger is a financial transaction in which two companies combine to form a single entity, often to enhance competitiveness and market reach.
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