EU court upholds Euribor fines for JPMorgan Chase, HSBC, trims C.Agricole fine
Reuters
Published Dec 20, 2023 10:00
BRUSSELS (Reuters) - The EU's General Court on Wednesday upheld EU fines imposed in 2016 on banks JPMorgan Chase (NYSE:JPM) and HSBC (LON:HSBA) for their alleged participation in a cartel to manipulate the price of the Euribor financial benchmark.
JPMorgan Chase was fined 337.2 million euros, while HSBC was fined 33.6 million euros.
The court lowered the fine given to Credit Agricole (EPA:CAGR) to 110 million euros from 114.65 million.
The banks were fined for their role in a seven-bank cartel that colluded between September 2005 and May 2008 to distort the Euribor interest rate, which was set using quotes submitted by a panel of banks and widely used in international money markets.
All three have previously denied engaging in any wrongdoing.
($1 = 0.9126 euros)
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Written By: Reuters
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