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UniCredit Says EU Has Linked It To Alleged Bond Cartel

Law360, London (April 11, 2019, 8:28 PM BST) -- Italy’s biggest bank has identified itself as one of eight lenders under investigation by the European Commission for allegedly rigging the European government bond market in breach of competition rules between 2007 and 2012.

UniCredit said late on Wednesday that the European Union’s antitrust enforcer informed it in January that it was investigating alleged activities by one of the bank’s subsidiaries. If the claim is substantiated this could in theory lead to a fine of up to 10% of the company’s annual worldwide turnover, the bank said in a statement.

“The bank regards it no longer remote but possible, even though...

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