HSBC has lost its appeal against a ruling it rigged European interest rates in 2007, though a fine imposed at the time has been scrapped.
The bank was one of a number that colluded to manipulate Euribor interest rates, a European court concluded in 2017 with the British bank fined US$33.6mln.
Deutsche Bank, RBS and Societe Generale all accepted lesser fines in return for admittance of guilt, whereas Barclays -which blew the whistle on the cartel- avoided fines.
HSBC, JPMorgan, and Credit Agricole appealed the court’s decision.
In 2019, HSBC’s fine was cancelled due to 'insufficient reasoning' but the judgement that the bank played a role in the cartel was upheld.
It was this decision that the bank today failed to overturn.
“The Court of Justice upholds the annulment of the 33.6 million euro fine imposed on the HSBC Group.” it reiterated.
HSBC Holdings is currently trading at 582p increasing by 2.3% today.