The European Commission has fined banks Credit Agricole, HSBC and JPMorgan Chase a total of 485 million euros ($520 million) for their part in a cartel to fix the price of financial benchmarks linked to the euro.
They were part of a seven-bank cartel that colluded between September 2005 and May 2008 to distort the Euribor benchmark interest rate used to reflect the cost of interbank lending. JP Morgan was fined 337 million euros, Credit Agricole 115 million euros and HSBC is being asked to pay 34 million euros.
Credit Agricole has said it will appeal the fine before European courts. Meanwhile, the European Commissioner for Competition, Margrethe Vestager, told a Brussels press conference that these latest fines send a clear message.
"Banks, like all companies, have to respect EU competition rules and financial markets need to be competitive," she said Wednesday.