World Economy

EU Regulators to Fine 3 Banks

EU Regulators  to Fine 3 BanksEU Regulators  to Fine 3 Banks

EU authorities are set to fine HSBC, JPMorgan and Credit Agricole by the end of the year for rigging financial benchmarks linked to the euro, Reuters reports, citing sources familiar with the matter. The move comes after charges were levied in May 2014 by the European antitrust regulator against the three banks. The EU competition enforcer can levy fines up to 10% of a company’s global turnover for breaching the bloc’s rules. HSBC has said earlier that it will defend itself vigorously against the charges. JPMorgan said the EU charges were without merit and that it will defend itself. Deutsche Bank, RBS and Societe Generale admitted guilt in December 2013 over the same charges. US and European regulators have so far fined more than 10 banks and brokerages for rigging the London interbank offered rate and its euro cousin Euribor, Reuters noted.


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