- The EU Commission will reportedly fine a group of leading multinational banks €1.7B for rigging inter-bank interest rates in what would be the largest antitrust penalty that the commission has ever levied.
- The banks to be fined include all the old favorites - Citigroup (C), Deutsche Bank (DB), Royal Bank of Scotland (RBS), JPMorgan (JPM) and Barclays (BCS), as well as Societe Generale (SCGLF).
- The banks have admitted liability in return for a 10% reduction in their punishment.
- However, HSBC (HSBC) and Credit Agricole (CRARF) are contesting the proposed sanctions from the EU and are set to be formally charged today.
- UBS (UBS), which paid $1.5B to U.S. and U.K. authorities for similar sins, is escaping a penalty, as it alerted the EU to the Libor and Tibor cases.
- EU Competition Commissioner Joaquin Almunia is due to announce the penalties at a press conference at 5:30 ET.
EU to fine banks €1.7B for manipulating interest rates
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