6 days ago
UBS Loses EU Fight Over Credit Suisse's Role in ‘Sterling Lads'
UBS Group AG lost the crux of its case against European Union regulators over Credit Suisse Group AG 's involvement in a foreign-exchange price fixing cartel — but defeat was sweetened after judges slashed the fine by nearly two-thirds.
The EU General Court on Wednesday threw out the Swiss bank's appeal against the February 2021 penalty, and backed the European Commission 's findings that Credit Suisse — taken over by UBS in 2023 — illegally participated in a cartel that operated on the 'Sterling Lads' chatroom.
