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EU competition round-up: General Court reduces Credit Suisse foreign exchange cartel fine over calculation errors; merger clearances, notifications and commitments; State aid appeal update (23 July 2025)

Published on: 23 July 2025

Published by a LexisNexis Competition expert
Legal News
Table of contents
  • Antitrust
  • Mergers
  • State aid
  • Upcoming dates
Article summary

The General Court has partly allowed a challenge to the Commission’s decision on Credit Suisse’s involvement in a spot-trading cartel, cutting the penalty after identifying mistakes in its calculation...

It delivered its judgment in Case T-84/22, UBS Group and Others v Commission, brought against the infringement decision that found Credit Suisse had taken part in the foreign exchange spot-trading cartel (AT.40135). The General Court upheld the action in part...

Background

On 2 December 2021, the Commission announced that five banks had participated in a cartel in the Spot Foreign Exchange (Forex) market for G10 currencies, contrary to Article 101 TFEU:

  • Barclays
  • RBS
  • HSBC
  • UBS
  • Credit Suisse

UBS also took part in the cartel but obtained full immunity from fines under the Commission’s leniency policy...

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