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Europe: Fitch sanctioned for conflict of interest

The US rating agency Fitch has just received a record sanction for conflict of interest. Indeed, the European financial markets gendarme (ESMA) announced Thursday to have sentenced the rating agency to 5.1 million euros in fines for noting companies where its former shareholder, Marc Ladreit de Lacharrière, sat on within their boards of directors.

Without quoting the businessman, ESMA says that between June 2013 and April 2018, Fitch noted the groups Casino and Renault, as well as the National Foundation of Political Sciences (FNSP), while the businessman was still present on their boards.

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