Banks fined by EU over rate-rigging

05 Dec, 2013

A group of eight banks which include RBS and JP Morgan has been fined by the European Commission £1.4 billion (€1.7 billion) for rigging interest rates.

It is claimed that the banks formed unlawful cartels in order to rig the rates, operating in markets for financial derivatives.

The Commission described the fact that the banks were in league with one another as ‘shocking’.

Others involved were Deutsche Bank, Societe Generale, Citibank and RP Martin.

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