Daily News: December 4, 2013

Bloomberg: Six Banks Fined $2.3B by EU for Rate Rigging

Bloomberg reported that Deutsche Bank (DBK) and Royal Bank of Scotland (RBS) are among six companies fined a record 1.7 billion euros ($2.3 billion) by the European Union for rigging rates linked to LIBOR. In addition to DBK and RBS, Societe Generale, JPMorgan Chase, Citigroup and RP Martin Holdings were also fined by the EU, Bloomberg said.

Bloomberg noted that the combined fines for manipulating the yen London interbank offered rate and Euribor are the largest-ever EU cartel penalties.

Bloomberg quotes EU Competition Commissioner Joaquin Almunia as saying, “What is shocking about the Libor and Euribor scandals is not only the manipulation of benchmarks, which is being tackled by financial regulators worldwide, but also the collusion between banks who are supposed to be competing with each other.”

To read the entire Bloomberg report, click here.