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EU: Euribor rate-rigging leads to Deutsche, JPMorgan fines

 |  November 5, 2013

The European Commission has issued fines to various major lenders two years after the watchdog launched raids in various banks for suspicion of manipulating the Euribor benchmark rate.

According to a source, the regulator has fined Deutsche Bank, JPMorgan, RBS and others for the Euribor manipulation; the benchmark rate is used to price financial contracts.

HSBC, the EU’s largest bank, reportedly dropped out of settlement talks with European regulators according to another source, possibly due to the size of the fine as well as liability issues.

Barclays Bank will reportedly not be fined under the Commission’s leniency program,, as Barclays first notified authorities of the alleged rate manipulation.

Fines, one source said, could be issued as early as next month. The settlement, in addition to the fine, will include admission of wrongdoing.

The banks fined, including RBS, Deutsche Bank, Societe Generale, JP Morgan and HSBC, declined to comment on the matter, as did the European Commission.

Full content: 4-Traders and Bloomberg

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