The European Commission announced Wednesday it has imposed a record-setting fine of $2.3 billion on some of the world’s largest banks for their role in the LIBOR rigging conspiracy.
Deutsche Bank was hit hardest with a $985.9 million fine.
Societe Generale, Royal Bank of Scotland, JPMorgan, Citigroup and RP Martin were also fined.
In a statement, European Commissioner Joaquin Almunia said, “What is shocking about the LIBOR and Euribor scandals is not only the manipulation of benchmarks, which is being tackled by financial regulators worldwide, but also the collusion between banks who are supposed to be competing with each other.”
The LIBOR scandal has plagued the world’s largest banks as authorities around the globe have now issued nearly $6 billion in fines for the manipulation of interest rate setting benchmarks.
Reports say the European Commission may have even more fines to dish out as it pursues HSBC, Credit Agricole and others on related charges.
The Commission’s fine marks a new record for the authority, which beat out last year’s $2 billion in fines imposed upon tech manufacturers found to have fixed LCD television prices.
Full Content: CNN
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Spain’s Antitrust Watchdog Clears BBVA’s Sabadell Bid With Conditions
Apr 30, 2025 by
CPI
JetBlue and United Airlines Explore Strategic Partnership Following Collapse of NEA
Apr 30, 2025 by
CPI
House Passes ‘Take It Down Act,’ the First Major AI-Related Federal Regulation
Apr 29, 2025 by
CPI
Michigan Sues Express Scripts, Prime Therapeutics for Alleged Price-Fixing Scheme
Apr 29, 2025 by
CPI
Tech Rivals Testify as FTC Antitrust Trial Against Meta Enters Defining Phase
Apr 29, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Mergers in Digital Markets
Apr 21, 2025 by
CPI
Catching a Killer? Six “Genetic Markers” to Assess Nascent Competitor Acquisitions
Apr 21, 2025 by
John Taladay & Christine Ryu-Naya
Digital Decoded: Is There More Scope for Digital Mergers In 2025?
Apr 21, 2025 by
Colin Raftery, Michele Davis, Sarah Jensen & Martin Dickson
AI In the Mix – An Ever-Evolving Approach to Jurisdiction Over Digital Mergers in Europe
Apr 21, 2025 by
Ingrid Vandenborre & Ketevan Zukakishvili
Antitrust Enforcement Errors Due to a Failure to Understand Organizational Capabilities and Dynamic Competition
Apr 21, 2025 by
Magdalena Kuyterink & David J. Teece