By Oliver Griffin

 

A fine imposed on HSBC Holdings PLC (HSBA.LN) by the European Commission worth 33.6 million euros ($37 million) has been annulled by the General Court of the European Union.

The Court said that while it upheld the commission's finding that HSBC had participated in infringement of competition law in connection to a cartel in the Euro Interest Rate Derivatives sector, it didn't provide a sufficient reasoning for the fine.

 

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

 

(END) Dow Jones Newswires

September 24, 2019 05:03 ET (09:03 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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