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EU Fines Financial Institutions Over Fixing Key Benchmarks

Posted By Barry Ritholtz On December 6, 2013 @ 2:30 pm In Credit,Legal,Regulation | Comments Disabled

From the Wall Street Journal:

Six financial institutions were fined €1.71 billion ($2.32 billion) by European Union regulators Wednesday for colluding in an attempt to manipulate key benchmark interest rates, the EU’s largest-ever penalty in a cartel case.

The settlements involved penalties against some of the world’s biggest banks, including Deutsche Bank, Société Générale, Royal Bank of Scotland Group, RBS, J.P. Morgan Chase & Co. and Citigroup.

A rough total €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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Source: WSJ [6]


Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2013/12/eu-fines-financial-institutions-over-fixing-key-benchmarks/

URLs in this post:

[1] Image: http://online.wsj.com/media/libor_UBS2.jpg

[2] Image: http://online.wsj.com/media/RBS.jpg

[3] Image: http://online.wsj.com/media/libor_rabobank.jpg

[4] Image: http://online.wsj.com/media/libor_barclays.jpg

[5] Image: http://s.wsj.net/media/ICAP_libor.jpg

[6] WSJ: http://online.wsj.com/news/articles/SB10001424052702304451904579237570439505400

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