BRUSSELS, Jan 12 — HSBC has won an appeal against a decision by European antitrust regulators to fine Europe’s second-largest bank €33.6 million over its role in a cartel to manipulate benchmark Euribor interest rates in 2007.
“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 said, but added that it “dismisses the HSBC companies’ action challenging the finding that it participated in the cartel at issue”.The European Commission, the bloc’s executive body, ruled in 2016 that HSBC and six other banks had tried to distort Euribor , a benchmark for rates on financial products, fining the lender €33.6 million.
It said traders at seven banks were in regular contact and exchanged information on their trading positions and pricing strategies via chatrooms or messaging services.
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