EU: Credit Suisse gets antitrust complaint in FX probe

Credit Suisse Group announced it received a European Union antitrust complaint last week, raising the risk of a fine in a lengthy investigation into the rigging of foreign-exchange rates, reported Reuters.

The EU allegations state that Credit Suisse “engaged in anti-competitive practices in connection with its foreign exchange trading business,” the bank stated in a regulatory filing Tuesday, July 31.

“As per the usual practice in cartel cases, we cannot indicate at this point to which companies the Statement of Objections has been addressed,” spokesman Ricardo Cardoso told Reuters in an email.

A number of banks are under investigation on suspicion of manipulating foreign exchange rates, with several ready to admit wrongdoing in exchange for a cut in their fines, people familiar with the matter told Reuters. They did not name the companies.

Full Content: Reuters

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