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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.









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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