In December 2016 the European Commission fined HSBC €33.6 million, alongside Crédit Agricole and JPMorgan Chase, for taking part in a cartel in euro interest-rate derivatives.
In 2019 the EU General Court annulled the fine, though not the finding of infringement, because the Commission had not explained its calculation well enough. On 28 June 2021 the Commission re-adopted the decision with a fine of €31.739 million.
HSBC appealed again, arguing among other things that the decision was out of time. On 27 November 2024 the General Court dismissed the appeal in Case T-561/21 and upheld the fine.
The evidence
3 sources- Exhibit APress release: Judgment in Case T-561/21 HSBC v CommissionCourt of Justice of the European Union · 27 November 2024 · curia.europa.euOfficial record
- Exhibit BHSBC €31.7 million trader chat room cartel fine upheld by EU courtEuronews · 27 November 2024 · euronews.com
- Exhibit CEU lowers HSBC fine in readopted Euribor decisionGlobal Competition Review · June 2021 · globalcompetitionreview.com
Last checked 2 November 2026. Something wrong or out of date? Tell us and we’ll correct it.