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Investing.com -- The European Union’s General Court reduced a fine imposed on Credit Suisse to €28.9 million ($33.92 million) from €83.2 million on Wednesday, related to the bank’s participation in a foreign exchange trading cartel.
While the court confirmed Credit Suisse’s involvement in the cartel, it determined that the European Commission had made errors in calculating the original penalty amount.
In its ruling, the court stated that Credit Suisse correctly argued that "certain data used by the Commission in determining the proxy for the value of Credit Suisse’s sales were less complete and reliable than those proposed for that purpose by Credit Suisse during the administrative procedure."
The substantial reduction represents a decrease of more than 65% from the initial fine amount.
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