European regulators mishandled an ongoing case on alleged interest rate rigging by some of world’s biggest banks and must apologise to France’s Credit Agricole for implying guilt, the EU’s ombudsman said Thursday.
“The new Commission should acknowledge the maladministration that has occurred in this case under the previous Commission, apologise, and make sure that this does not happen again,” said European Ombudsman Emily O’Reilly in a statement.
In 2013, banking giants Deutsche Bank, Societe Generale and Royal Bank of Scotland admitted to collusion on Euribor — an interest rate benchmark mark used for a wide range of financial instruments — and suffered total penalties of 1.7 billion euros, an EU record.
But Credit Agricole, HSBC and JPMorgan denied collusion and the investigation continues, handled now by a new commission team that took over from Almunia.
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
Veteran Lawyers Launch Boutique Antitrust Firm in NY and DC
Oct 6, 2024 by
CPI
EU’s Top Court Upholds Antitrust Veto on Thyssenkrupp-Tata Steel Deal
Oct 6, 2024 by
CPI
Brazil’s Court Delays X’s Return Over Fine Payment Dispute
Oct 6, 2024 by
CPI
Tencent and Guillemot Family Consider Potential Buyout of Ubisoft
Oct 6, 2024 by
CPI
Second Price-Fixing Case Against Hotel-Casinos Dismissed by Federal Judge
Oct 6, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Refusal to Deal
Sep 27, 2024 by
CPI
Antitrust’s Refusal-to-Deal Doctrine: The Emperor Has No Clothes
Sep 27, 2024 by
Erik Hovenkamp
Why All Antitrust Claims are Refusal to Deal Claims and What that Means for Policy
Sep 27, 2024 by
Ramsi Woodcock
The Aspen Misadventure
Sep 27, 2024 by
Roger Blair & Holly P. Stidham
Refusal to Deal in Antitrust Law: Evolving Jurisprudence and Business Justifications in the Align Technology Case
Sep 27, 2024 by
Timothy Hsieh