A PYMNTS Company

UniCredit, Bank Of America & Portigon Challenge EC Bonds Cartel Ruling

By  |  September 13, 2021

On 13 September 2021, details were published in the Official Journal of the European Union of actions brought by UniCredit and UniCredit Bank, Bank of America and Bank of America Corporation and Portigon to challenge the European Commission’s decision of 20 May 2021 finding that they participated in a cartel in the primary and secondary market for European Government Bonds (EGB).

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The European Commission had found that Bank of America, Natixis, Nomura, RBS (now NatWest), UBS, UniCredit and WestLB (now Portigon) had breached EU antitrust rules through the participation of a group of traders in a cartel in the primary and secondary market for European Government Bonds (‘EGB’).

    Fines totalling € 371 million were imposed on Nomura, UBS and UniCredit. NatWest was not fined as it revealed the cartel to the Commission. Bank of America and Natixis were not fined either because their infringement falls outside the limitation period for imposition of fines. Portigon, the legal and economic successor of WestLB, received a zero fine as it did not generate any net turnover in the last business year which served as a cap to the fine.

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.