Bloomberg reported JPMorgan Chase, HSBC Holdings and Credit Agricole were fined a total of €485.5 million ($521 million) for manipulating the Euribor benchmark after a five-year investigation into the scandal by European Union antitrust regulators.
Bloomberg said, citing an emailed statement from the European Commission, the three banks broke EU antitrust rules by conspiring to rig the Euribor rate and exchanging sensitive information to improve their trading positions in correlated derivatives markets.
Of the three banks, Bloomberg noted that JPMorgan’s share of the total was €337.2 million ($362 million).