Banking Law News

Credit Agricole Wins EU Court Bid to Topple ECB Fines (1)

July 8, 2020, 1:25 PM

Credit Agricole SA won a European Union court bid to topple 4.8 million-euros ($5.4 million) in regulatory fines imposed by the European Central Bank two years ago.

The EU General Court in Luxembourg in a ruling on Wednesday annulled penalties levied by the ECB based on “inadequate reasons” it gave to justify those fines.

The French bank filed separate challenges against penalties of 4.3 million euros, 300,000 euros and 200,000 euros in 2018 for violating procedures in classifying instruments as Common Equity Tier 1. The ECB also said Credit Agricole failed to obtain approval from its supervisor during consecutive quarterly...

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