EU: JPMorgan, UBS, Credit Suisse nailed with financial benchmark-rigging fines

The European Commission has announced fines levied against JPMorgan Chase, UBS and Credit Suisse for their roles in colluding to manipulate financial benchmarks.

According to the Commission, JPMorgan has been fined more than $78 million for its alleged collusion with RBS to manipulate the LIBOR benchmark. In a second violation, the three banks as well RBS were accused of manipulating Swiss Franc interest-rate derivatives.

RBS was found to have participated in both conspiracies but was not fined under EU leniency laws as the bank first approached the Commission with evidence of the manipulation.

According to the commission, total fines in the case have now reached about $119 million.

In a statement, European Commissioner Joaquin Almunia said “acting against financial cartels is one of our top priorities, given the importance of a healthy, transparent, well-functioning financial sector for the entire economy. All market players in this sector must be aware that no violation of antitrust rules will be tolerated.”

JPMorgan released a statement following news of the fines to clarify that the settlement reached with authorities makes no findings of conscious wrongdoing by the bank.

Full content: USA Today

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