The Court of Justice of the European Union has reduced the fine imposed on Credit Suisse from €83.2 million to €28.9 million, while confirming its involvement in a spot foreign exchange cartel. While Credit Suisse did indeed take part in the cartel, the Commission did not correctly determine the replacement value of its sales in order to set the amount of the fine for this infringement, explained the Luxembourg-based institution in a statement published on Wednesday. The data used by the Commission were less complete and reliable than those proposed for this purpose by Credit Suisse during the administrative procedure +Get the most important news from Switzerland in your inbox. The case dates back to the early 2010s. Following an investigation, the European Commission revealed that between 2011 and 2012 certain traders responsible for spot foreign exchange (Forex) operations, working for different banks, had exchanged sensitive information on a professional online discussion forum ...
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