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JP Morgan Hit Hardest by EU's Euribor Fines

EC fines JP Morgan, HSBC and Credit Agricole a total of $521M for rigging benchmark.

By Gaspard Sebag, Bloomberg | Updated on December 07, 2016

JPMorgan Chase & Co., HSBC Holdings Plc and Credit Agricole SA were fined a total of 485.5 million euros ($521 million) for rigging the Euribor benchmark as European Union antitrust regulators wrapped up a five-year investigation into the scandal.

The trio colluded to rig the Euribor rate and exchanged sensitive information to suit their trading positions in correlated derivatives markets, in breach of EU antitrust rules, the European Commission said on Wednesday in an emailed statement. JPMorgan was fined 337.2 million euros, HSBC got a 33.6 million-euro penalty and Credit Agricole must pay 114.7 million euros.

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