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.
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
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Redfin Settles $9.2M Commission Inflation Lawsuits
May 7, 2024 by
CPI
DOJ Supports Colorado’s Efforts to Block Kroger-Albertsons Merger
May 7, 2024 by
CPI
Japan Considers Regulation of AI Developers
May 7, 2024 by
CPI
European Commission Extends Decision Deadline for Ita-Lufthansa Merger
May 7, 2024 by
CPI
UK, US and Australia Sanction Senior Leader of LockBit Cybercrime Gang
May 7, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI