The European Commission on Thursday fined three financial institutions—Nomura, UBS, and UniCredit—a total of €371 million (U.S. $453 million) for their participation in a cartel scheme through a group of traders, in which four other banks were also involved.
Bank of America, Natixis, NatWest, and Portigon were each named in the enforcement action but not penalized. NatWest received immunity for revealing the existence of the cartel to the Commission, while Bank of America and Natixis got off because of their alleged involvement with the cartel taking place outside the limitation period for imposing fines.
