More banks fined over Euribor rate rigging

 

Today Brussels will hit HSBC, JPMorgan and Crédit Agricole with multimillion-euro fines for rigging the Euribor interest rate benchmark, closing a five-year probe into a scandal.

The three banks held out against a 2013 settlement with the European Commission that imposed almost €1bn of fines on Deutsche Bank, Société Générale and Royal Bank of Scotland.

The decision is an example of the shadow that still hangs over the industry from alleged misconduct during the years of the financial boom and this pending decision looks to tie up the loose ends from multiple probes into rate-rigging that have already resulted in numerous fines.

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