Several banks fined by the EC in May 2021 for participation in a European government bond trading cartel (which we reported on in Q2) filed appeals against the EC’s decision with the EU General Court. UBS, Bank of America, Portigon, Nomura, Unicredit and Natixis have started legal proceedings against the fines. That means that only the whistleblower bank NatWest has not appealed the fine. All banks declined to comment on their challenge nor did they reply to requests for comments.[1]

[1] Case references are T-449/21 Natixis v Commission, T-453/21 UniCredit v Commission, and T-455/21 Nomura v Commission.