EU Smacks Banks with $2.3B Fine

    EU Competition Commissioner Joachim Almunia gives a press conference on December 4, 2013 on Banking competition case at the EU Headquarters in Brussels.  The European Union fined eight finance groups a record 1.7 billion euros for rigging the Euribor and Japanese yen Tibor interest rates. AFP PHOTO GEORGES GOBET        (Photo credit should read GEORGES GOBET/AFP/Getty Images)

    Georges Gobet/AFP/Getty

    The European Union’s anti-trust regulators hand down a $2.3 billion (€ 1.7 billion) fine, the biggest penalty yet in a benchmark rigging scam, to six financial institutions, including a $985 million (€725.36 million) fine for Deutsche Bank. Citigroup, Royal Bank of Scotland, Societe Generale, JP Morgan, and brokerage firm RP Martin were also fined. The European Commission, the governing wing of the EU, has been investigating the banks for their alleged role in rigging the benchmarks used to determine the cost of lending. The European Commission said it will continue its investigation of Credit Agricole, HSBC, JP Morgan, and brokerage ICAP for their alleged role in the scandal.

    Read it at Reuters