EU Fines RBS, Citi, 6 Other Banks $2.3B For Rate-Rigging

Law360, New York (December 4, 2013, 11:29 AM EST) -- The European Commission on Wednesday fined eight global banks, including The Royal Bank of Scotland PLC, Citigroup Inc., JPMorgan Chase & Co. and Deutsche Bank AG, a total of €1.71 billion ($2.3 billion) for their roles in allegedly rigging two benchmark interest rates.

The settlement, announced by European Commission Vice President for Antitrust Policy Joaquin Almunia, resolves  most allegations that traders eight banks colluded to fix the London Interbank Offered Rate denominated in the Japanese yen as well as the Euro Interbank Offered Rate. The fines...
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