Law360, London (September 24, 2019, 4:04 PM BST) -- A European court on Tuesday squashed a €33.6 million ($37 million) fine slapped on HSBC for manipulating a key benchmark interest rate, saying the bloc's antitrust watchdog failed to fully explain how it calculated the penalty from the bank's interest rate derivative trading.
The European Union's General Court ruled that HSBC Holdings PLC broke the bloc's competition laws, but judges annulled the fine imposed three years ago by the European Commission's antitrust arm for having "insufficient reasoning."
Judges said the commission failed to properly explain how it calculated the fine, leaving the court "unable to conduct its review on a factor...
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