Homburger represented UBS in COMCO proceedings regarding foreign currency exchange (FX) price-fixing conspiracy

Between 2007 and 2013, traders from several international banks coordinated their behavior with regard to major currencies in three separate foreign exchange trading cartels. On June 6, 2019, the Swiss Competition Commission (COMCO) concluded two investigations with amicable settlements and fines totaling around CHF 90 million. UBS Group AG (UBS) was the first leniency applicant and went out without sanctions.

Homburger advised and represented UBS before COMCO and coordinated the bank’s defense in this matter. The Homburger team was led by partner Marcel Dietrich and comprised counsel Andreas Burger (both Competition, Regulatory).