A PYMNTS Company

EU: Almunia wants rate-rigging cases closed

By  |  June 30, 2014

European Commissioner Joaquin Almunia is looking to tie up loose ends before he exits the position later this year.

According to reports, the Commissioner said he hopes to end cases into major banks accused of benchmark interest rate manipulation by October, when he steps down from his post. Top lenders including HSBC, JPMorgan and Credit Agricole are under investigation for suspected Euribor manipulation.

The Commission has already handed down a record-setting fine of $2.3 billion sanctioned upon six other banks for their roles in the anticompetitive conduct.

More fines could be coming for the rest of the banks that refused to settle with the Commission late last year, reports say.

Joaquin Almunia’s position will end on October 31.

Full content: Yahoo News

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.