Antitrust: Commission fines banks € 1.71 billion for participating in cartels in the interest rate derivatives industry
The EU Commission has fined a group of leading multinational banks €1.71B for rigging inter-bank interest rates in what is the largest antitrust penalty that the commission has ever levied. The banks being fined include many of the old favorites: Citigroup (C), Deutsche Bank (DB), Royal Bank of Scotland (RBS), JPMorgan (JPM) and Societe Generale (GM:SCGLF). HSBC (HSBC) and Credit Agricole (OTCPK:CRARF)
are facing charges for contesting the EU's accusations, while UBS (UBS) and Barclays (BCS) have avoided hefty penalties for exposing the rate-rigging.
