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EU: Details emerge on record LIBOR fines

By  |  December 4, 2013

Following Wednesday’s announcement that the European Commission imposed a record-setting fine of about $2.3 billion on some of the world’s largest banks, more details are emerging about the case.

Reports say the Commission will not fine Netherlands-based Rabobank as the regulator found no evidence the lender took part in the benchmark manipulation. Six banks, including Barclays and Citigroup, we named as conspirators in the scandal that is accumulating nearly $6 billion in fines issued throughout the globe.

HSBC, one of the banks fined Wednesday, vowed to appeal the fine “vigorously” defend itself against the charges.

Full Content: Reuters

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