Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

HSBC gets partial satisfaction in court fight against 33.6 million euro EU Euribor cartel fine

Published 24/09/2019, 09:17
Updated 24/09/2019, 09:21
HSBC gets partial satisfaction in court fight against 33.6 million euro EU Euribor cartel fine

HSBC gets partial satisfaction in court fight against 33.6 million euro EU Euribor cartel fine

LUXEMBOURG (Reuters) - HSBC (L:HSBA) on Tuesday got partial satisfaction in its fight against a 33.6 million euro (29.68 million pounds) fine levied by EU antitrust regulators three years ago for rigging the Euribor financial benchmark together with six other banks.

The General Court, Europe's second highest, agreed with the EU's competition watchdog that HSBC infringed the law but annulled the fine over insufficient reasoning.

HSBC, Credit Agricole (PA:CAGR) and JPMorgan (N:JPM) were penalised 485 million euros by the European Commission in 2016. All three had denied wrongdoing and challenged the decision. HSBC's fine was the smallest as it took part in the cartel for just a month.

The European Commission, the bloc's competition enforcer has said the trio were part of a seven-bank cartel that colluded between September 2005 and May 2008 to manipulate the Euribor interest rate, which is set using quotes from a panel of banks and is widely used in international money markets.

The Commission said traders at the banks exchanged information on their trading positions and pricing strategies via chatrooms or messaging services.

The other three, Deutsche Bank (DE:DBKGn), RBS (L:RBS) and Societe Generale (PA:SOGN) admitted wrongdoing three years ago in return for lower fines. Barclays (L:BARC) escaped a fine because it alerted the cartel to the Commission.

The case is T-105/17 HSBC Holdings v Commission.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.