EU Court Upholds HSBC’s €31.7 Million Cartel Fine

The EU General Court has dismissed HSBC’s procedural challenge to a €31.7 million fine imposed by the European Commission in 2021 for its role in an online trader cartel, Peggy Corlin reported for Euronews.

HSBC received a €33.6 million fine. I Photo: Andrevruas Wikimedia Commons

The European Commission initially fined Crédit Agricole, HSBC, and JPMorgan Chase in 2016 for colluding in a euro interest rate derivatives cartel. Traders from these banks manipulated key Euribor euro interbank offered rates through online chat rooms and instant messaging.

HSBC received a €33.6 million fine, while Deutsche Bank, RBS, and Société Générale reached settlements with the Commission, admitting their involvement. Barclays, as a whistleblower, was exempted from penalties.