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EU: Banks finally ready to respond to Euribor complaint

 |  November 16, 2014

After several months, JPMorgan Chase, HSBC and Credit Agricole are reportedly ready to respond to an antitrust complaint lodged by the European Commission accusing the companies of manipulating the Euribor rate.

Two unnamed sources say the banks will respond to the allegations after the deadline to do so was extended amid allegations the Commission unfairly calculated a penalty against Societe Generale, which was fined $558.5 million for its alleged role in the benchmark rigging.

Four banks so far have agreed to settle the allegations for more than $1.24 billion. But the case hit a speed bump earlier this year when Credit Agricole filed a complaint to the EU’s Ombudsman accusing the Commission of bias in the case.

The banks’ reply to the complaint was expected on Friday, but so far the companies have yet to make their response public.

Full content: Businessweek

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