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EU: Commission under investigation for Euribor-rigging bias

 |  September 23, 2014

The European Commission has reportedly been placed under investigation by the ombudsman following allegations the watchdog showed bias in its Euribor rate-rigging case.

Credit Agricole, one of four major financial institutions that refused to settle with the Commission for rate-rigging charges, filed a complaint against the Commission accusing its competition branch of unfairly declaring that there was a rate-rigging cartel before Credit Agricole and others had a chance to properly defend themselves. Reports emerged in May that the company had sent a letter with its concerns to the Commission.

Now, the ombudsman, which oversees claims of negligence, abuse of power and other management issues by EU officials, has opened an investigation into the claims.

Credit Agricole, France’s largest bank, refused to join in the $1.3 billion settlement reached in December. JPMorgan Chase, and HSBC also refused the settlement.

Full content: Bloomberg

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