EU court confirms HSBC's annulled Euribor cartel fine

Eu Court Confirms Hsbc's Annulled Euribor Cartel Fine Eu Court Confirms Hsbc's Annulled Euribor Cartel Fine
A sign for a branch of HSBC. Photo: PA Wire/PA Images
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Europe's top court on Thursday confirmed the annulment of an EU antitrust fine handed out to HSBC in 2016 for rigging the Euribor financial benchmark together with six other banks.

"The Court of Justice upholds the annulment of the €33.6 million fine imposed on the HSBC Group," the Luxembourg-based EU Court of Justice (CJEU) said.

The European Commission had initially fined HSBC €33.6 million but a lower tribunal scrapped the penalty over the watchdog's insufficient reasoning.

The case subsequently went to the CJEU.

The EU competition enforcer issued another decision in 2021 with a reduced penalty of €31.7 million for HSBC.

EU, US and UK regulators have in recent years fined banks billions of euro for manipulating various benchmark interest rates and the foreign exchange market. -Reuters


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