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EU Smacks Banks with $2.3B Fine

For alleged benchmark rigging.

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.