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EU fines banks for Libor rate rigging

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FRANKFURT: The EU’s top anti-trust regulator on Wednesday slapped fines on banks HSBC, JP Morgan and Credit Agricole for rigging the Euribor interest rate benchmark used for a wide range of financial instruments.


The European Commission, the EU’s executive arm, fined the banks “a total of 485 million euros ($520 million) for participating in a cartel in euro interest rate derivatives,” according to a statement.


The decision is the latest example of authorities trying to punish malpractice by the world’s biggest banks in the years running up to the financial crisis in 2008.


The three banks had held out from a settlement with the EU in 2013 that saw Deutsche Bank, Societe Generale and Royal Bank of Scotland accept responsibility in the case.— Reuters


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