Exclusive: EU to fine JPMorgan, UBS, Credit Suisse over Swiss franc Libor rigging
Reuters
Published Oct 21, 2014 07:45AM ET
Exclusive: EU to fine JPMorgan, UBS, Credit Suisse over Swiss franc Libor rigging
By Foo Yun Chee
BRUSSELS (Reuters) - European Union antitrust regulators are set to fine JPMorgan (N:JPM), UBS (VX:UBSN) and Credit Suisse (VX:CSGN) collectively over $115 million for rigging Swiss franc Libor benchmark interest rates, a person familiar with the matter told Reuters.
Royal Bank of Scotland (L:RBS) alerted the European Commission to the wrongdoing and so would not be penalized for its own role in the cartel, the source said on Tuesday.
JPMorgan will receive the biggest fine at just over 70 million euros ($89 million), the person said. Details are likely to be released following an agreement on the fines by the European Commission at its weekly meeting, currently under way.
The EU penalty follows a record collective fine of 1.7 billion euros on six financial institutions in December for manipulating LIBOR rates in London as well as the euro benchmark interest rate Euribor.
(Editing by Alastair Macdonald)
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Written By: Reuters
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