Tag Archives: Europe Fines 8 Banks €1.7 Billion For Rate Rigging In Largest Ever Cartel Penalty In History

Europe Fines 8 Banks €1.7 Billion For Rate Rigging In Largest Ever Cartel Penalty In History – 4 December 2013

ZeroHedgeAnother day, another confirmation of not only manipulation by the largest TBTFs in the largest market in the world, this time focusing in Europe, but pervasive collusion. Moments ago EU regulators fined 8 banks €1.71 billion for colluding in an attempt to manipulate key benchmark rates, which is also the EU’s largest ever penalty in a cartel case. The banks participating in the settlement include some of the world’s biggest banks such as Deutsche Bank, Société Générale SA, Royal Bank of Scotland Group PLC and J.P. Morgan Chase JPM. According to WSJ calculation, this latest action brings to roughly €6 billion the total penalties levied by regulators against financial institutions in connection with probes into manipulation of the London interbank offered rate, or Libor, and other widely used financial benchmarks.

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