Credit Suisse’s Fine Slashed in EU’s Foreign Exchange Probe

UBS Group AG lost the crux of its case against European Union regulators over Credit Suisse Group AG’s involvement in a foreign-exchange trading cartel — but defeat was sweetened after judges slashed the fine by nearly two-thirds.

The EU General Court on Wednesday threw out the Swiss bank’s appeal against the European Commission’s February 2021 findings that Credit Suisse — taken over by UBS in 2023 — illegally participated in a cartel via the “Sterling Lads” chatroom. The tribunal, however, cut the amount of the fine from €83.2 million ($97.7 million) to €28.9 million, for errors in regulators’ analysis of the alleged wrongdoing.