ICAP, the world’s biggest inter-dealer broker, won on Wednesday, July 10, another victory against a €14.9 million (US$16.8 million) fine from the EU’s antitrust regulator, when Europe’s top court threw out an appeal by the watchdog.
Two years ago, a lower tribunal dismissed part of the regulatory ruling and scrapped the fine, citing flaws in the European Commission’s decision.
The EU competition authority sanctioned ICAP in February 2015 for rigging the yen Libor financial benchmark in several cartels with Royal Bank of Scotland, UBS, Deutsche Bank, and Citigroup at various periods.
ICAP denied wrongdoing while the banks admitted taking part in the cartels in return for lower fines. ICAP subsequently challenged the EU decision at the General Court which found in its favor.
The Commission then appealed to the Luxembourg-based Court of Justice of the European Union (ECJ).
Judges dismissed the action, marking the latest setback to the Commission in a string of appeals by companies against its tax rulings and other cases.