Don't Restore €15M Cartel Fine Against UK Broker, ECJ Told

Law360, London (May 3, 2019, 1:44 PM BST) -- A senior legal adviser to the European Court of Justice has recommended that it should not reinstate a fine of nearly €15 million ($16.7 million) levied against the broking giant ICAP after it allegedly rigged Japanese yen interest rate derivatives.

The European Union’s top court is considering an appeal from the European Commission, which enforces competition law, to overturn its decision to annul the penalty the commission imposed against the world’s biggest inter-dealer broker in February 2015.

Advocate General Evgeni Tanchev, whose opinions are not binding but are highly influential, urged the ECJ on Thursday to dismiss the appeal. In a written opinion, he...

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