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EU: Almunia to exit strong with JPMorgan, HSBC objections

By  |  March 13, 2014

Ahead of European Commissioner Joaquin Almunia’s exit form the Commission on October 31 this year, reports say the regulator is set to exit the post with a bang by sending statements of objection to JPMorgan Chase, HSBC Holdings, ICAP and Credit Agricole for their alleged roles in LIBOR or Euribor benchmark rigging, sources said.

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    The sources told reporters the objections, which will likely be sent around Easter, are to the companies that did not settle in the market-rigging cases. The four companies were the four that did not settle with the Commission in the global scandals that lead to record-setting fines against other major banks, including Deutsche Bank and RBS.

    Reports say Almunia is looking to tie up loose ends with the companies that did not pay fines before he exits his post, after which the Commissioner said he plans to permanently exit the political scene.

    Full Content: Businessweek

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