07:29 AM EDT, 03/26/2025 (MT Newswires) -- A European high court on Wednesday slightly reduced the penalties imposed on two of the big global banks accused of cartel-like behavior from 2007 to 2011.

The European Council in 2021 imposed fines totaling 371 million euros ($400.3 million) on UBS (UBS), Nomura (NMR), and UniCredit over uncompetitive collusion in the trading of bonds in Europe. The three banks as well as four others including Natixis, Bank of America ( BAC ), Portigon, and NatWest ( NWG ) were part of a cartel that had "colluded and exchanged information in order to gain competitive advantages in the issuance, placing or trading of EGBs," The Court of Justice of the European Union said Wednesday.

The Court of Justice of the European Union, responding to an appeal by six of the seven banks, said it "largely confirmed the Commission's decision" but reduced the fine on Nomura to 125.6 million euros from 129.6 million euros and the penalty imposed on Unicredit by 4 million euros.

The court maintained a 172.4 million euro fine on UBS.

UBS and Nomura did not immediately reply to MT Newswires' requests for comment.