The EU Commission has fined banks Credit Agricole, HSBC and JPMorgan Chase for their part in a cartel to fix the price of financial benchmarks linked to the euro. Three other banks were already fined.
Fines totalling 485 million euros ($520 million) had been imposed on French bank Credite Agricole, Britain’s HSBC and US investment bank JP Morgan for “participating in a cartel in euro interest rate derivatives,” the EU’s executive Commission said in a statement Wednesday.
They were part of a seven-bank cartel that colluded between September 2005 and May 2008 to distort the Euribor benchmark interest rate used to reflect the cost of interbank lending.
“Today’s message sends a clear message: banks and all companies have to respect EU rules,” said the EU’s Competition Commissioner Margarethe Vestager at a news briefing.