France’s third-largest bank has reportedly refused to settle with the European Commission over a case alleging the manipulation of Euribor benchmark rates.
Credit Agricole said in a conference call that it “refused the idea of a settlement because it would have put into question” the bank’s responsibility.
The remarks were made by the bank’s CEO Jean-Paul Chifflet.
Regulators are probing several banks over allegations of the Euribor manipulation; HSBC Holdings exited settlement talks earlier this month.
Banks that agree to a settlement are offered a 10 percent reduction in fines for admitting collusion.
Full content: Bloomberg
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