Three sources told reporters that the LIBOR scandal is about to net more fines as UBS and JPMorgan are set to be in talks with the European Commission to settle a third investigation into the alleged benchmark manipulation, say reports.
The banks, along with Credit Suisse Group and RBS, are reportedly looking to settle the probe over the manipulation of the Swiss franc LIBOR rate. Reports say the settlement will likely include fines and the admission of liability in the case.
If true, the incoming fines will add to the $6 billion in penalties netted so far from the case. Last December, the European Commission settled its last case by fining six companies including Deutsche Bank. The fines in the case were a record $2.3 billion.
EU authorities are involved in several continuing probes into the industry, including the Swiss franc manipulation investigation, as well as an investigation into allegations of foreign exchange rate manipulation.
Full Content: Bloomberg
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google Knew Publishers Would Resist Ad Sales Changes, According to Internal Documents in Antitrust Trial
Sep 13, 2024 by
CPI
Federal Antitrust Trial Explores Potential Impact of Tapestry-Capri Merger
Sep 12, 2024 by
CPI
Australia Targets Big Tech with New Fines for Misinformation
Sep 12, 2024 by
CPI
Mastercard to Acquire Cybersecurity Firm Recorded Future for $2.65 Billion
Sep 12, 2024 by
CPI
Ireland Prime Minister: Apple’s €13 Billion Payment Could Fund Housing and Capital Projects
Sep 12, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Canada & Mexico
Sep 3, 2024 by
CPI
Competitive Convergence: Mexico’s 30-Year Quest for Antitrust Parity with its Northern Neighbor
Sep 3, 2024 by
Francisco Javier Núñez Melgoza
Competition and Digital Markets in North America: A Comparative Study of Antitrust Investigations in Mexico and the United States
Sep 3, 2024 by
Julio Garcia
Recent Antitrust Development in Mexico: COFECE’s Preliminary Report on Amazon and Mercado Libre
Sep 3, 2024 by
Alejandra Palacios Prieto
The Cost of Making COFECE Disappear
Sep 3, 2024 by
Mateo Fernández