Credit Agricole and an HSBC Holdings unit were fined a combined 6.5 million Swiss francs (US$7.2 million) by Swiss regulators over the rigging of a key benchmark interest rate, reported Bloomberg Law.
Credit Agricole was fined 4.5 million francs and HSBC’s French unit was fined close to 2 million francs, the Swiss Competition Commission announced in a statement Tuesday, October 27. The penalties are part of an “accord amiable” that will see the banks face no further action.
The two are the latest in a series of global lenders including Barclays, Deutsche Bank, Royal Bank of Scotland, and Société Générale to be sanctioned by Swiss officials in a more than four-year investigation. Comco generally reaches so-called amicable settlements in cases, though its rulings can still be challenged at Switzerland’s highest court.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
EU Extends Support for Farms and Fisheries Amid Market Disruptions
May 5, 2024 by
CPI
Sony and Apollo Bid $26 Billion for Paramount Acquisition
May 5, 2024 by
CPI
Goldman Sachs Resolves Decade-Old Metal-Rigging Class Action Lawsuit
May 5, 2024 by
CPI
Italian Antitrust Ruling Puts Halt on Intesa Sanpaolo’s Fintech Ambitions
May 5, 2024 by
CPI
Google Antitrust Case: Closing Arguments Conclude
May 5, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI