UBS, the Italian UniCredit and the Japanese bank Nomura have unsuccessfully defended themselves against a multi-million fine in the legal dispute over illegal collusion in the trading of government bonds. UBS is considering an appeal. +Get the most important news from Switzerland in your inbox The European Commission had fined the banks because their traders had participated in a cartel for European government bonds with other banks between 2007 and 2011. The General Court of the European Union (EGC) confirmed this in its judgement but reduced the fines for Nomura and UniCredit slightly. According to the European Commission's investigations, in addition to UBS, UniCredit and Nomura, Natixis (France), Bank of America, WestLB (now Portigon, Germany) and RBS (now NatWest, UK) were also involved in the cartel. They are alleged to have cooperated and exchanged information in order to gain competitive advantages in the issuance and trading of the bonds. In 2021, the Commission imposed ...
