EU: JPMorgan, HSBC, Credit Agricole to be fined for rate rigging

Business malpractices continue to be a cause of concern for banks. As per persons familiar with the matter, the European Union antitrust officials are giving final touches to the fines to be imposed on JPMorgan Chase & Co. JPM, HSBC Holdings plc HSBC and Credit Agricole for alleged manipulation of Euro Interbank Offered Rate.

The penalties are expected to be announced as early as next month. Subsequently, this would end the five-year probe by the EU into the matter.

These three banks were not part of the multi-bank settlement deal that was announced by the EU in Dec 2013. An aggregate penalty of around £825 million was imposed on four banks – Barclays PLC BCS, Société Générale, Deutsche Bank and The Royal Bank of Scotland Group plc RBS – over similar allegations.

Banks were accused of colluding to rig the key interest rate benchmark with an aim to influence the prices of several global financial instruments. The commission accused HSBC, JPMorgan and Credit Agricole of breaching the EU antitrust rules.

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