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
Judge Orders Apple to Address Fortnite App Block or Face Court Hearing
May 19, 2025 by
CPI
EU Civil Society Groups and Labor Unions Raise Alarm Over Proposed Changes to GDPR
May 19, 2025 by
CPI
EU Antitrust Regulators Push Back Deadline on UniCredit’s Takeover Bid for Banco BPM
May 19, 2025 by
CPI
Intel Challenges €376 Million EU Fine in Ongoing Antitrust Dispute
May 19, 2025 by
CPI
Red Bull Challenges EU Commission Over Lengthy Antitrust Inspection
May 19, 2025 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Healthcare Antitrust
May 14, 2025 by
CPI
Healthcare & Antitrust: What to Expect in the New Trump Administration
May 14, 2025 by
Nana Wilberforce, John W O'Toole & Sarah Pugh
Patent Gaming and Disparagement: Commission Fines Teva For Improperly Protecting Its Blockbuster Medicine
May 14, 2025 by
Blaž Višnar, Boris Andrejaš, Apostolos Baltzopoulos, Rieke Kaup, Laura Nistor & Gianluca Vassallo
Strategic Alliances in the Pharma Sector: An EU Competition Law Perspective
May 14, 2025 by
Christian Ritz & Benedikt Weiss
Monopsony Power in the Hospital Labor Market
May 14, 2025 by
Kevin E. Pflum & Christian Salas