--- description: The European Commission levied a $120 million fine against JPMorgan, UBS and Credit Suisseon Tuesday for manipulating key interest rates through an illicit cartel. title: European Commission Fines Banking Cartel $120 Million image: https://static.time.com/v3/assets/bltea6093859af6183b/blt6677ba39aeddb449/698761fbe53aba1fb04d52d6/455470247.jpg?branch=production&width=3840&quality=75&auto=webp&crop=16:9 ---  * [World](/section/world/) ## World Update your preferences in [Account Settings](/account/preferences/) Close # European Commission Fines Banking Cartel $120 Million  by [Dan Kedmey](/author/dan-kedmey/)  ## Dan Kedmey Update your preferences in [Account Settings](/account/preferences/) Close Oct 21, 2014 1:41 PM CUT  The headquarters of JP Morgan Chase on Park Avenue December 12, 2013 in New York. The headquarters of JP Morgan Chase on Park Avenue December 12, 2013 in New York.STAN HONDA—AFP/Getty Images  by [Dan Kedmey](/author/dan-kedmey/)  ## Dan Kedmey Update your preferences in [Account Settings](/account/preferences/) Close Oct 21, 2014 1:41 PM CUT The European Commission [levied](http://www.reuters.com/article/2014/10/21/us-libor-banks-fine-eu-idUSKCN0IA18120141021 "undefined") a $120 million fine against JPMorgan, UBS and Credit Suisse on Tuesday, for manipulating key interest rates through an illicit cartel. JPMorgan incurred the largest fine, $79 million (62 million euro), for fixing the Swiss franc Libor interest rate, Reuters [reports](http://www.reuters.com/article/2014/10/21/us-libor-banks-fine-eu-idUSKCN0IA18120141021 "undefined"). The bank will pay an additional $13 million (10.5 million euro) for participating in a cartel with UBS and Credit Suisse to rig interest rates on derivatives. UBS and Credit Suisse will pay $16 million and $12 million fines, respectively, though Royal Bank of Scotland escaped sanctions for alerting European regulators to the price fixing scheme. \[[_Reuters_](http://www.reuters.com/article/2014/10/21/us-libor-banks-fine-eu-idUSKCN0IA18120141021 "undefined")\] ```json [{"@context":"https://schema.org","@type":"NewsArticle","@id":"https://time.com/3528352/european-commission-fine-120-million-jp-morgan-ubs-credit-suisse/","mainEntityOfPage":{"@type":"WebPage","@id":"https://time.com/3528352/european-commission-fine-120-million-jp-morgan-ubs-credit-suisse/"},"headline":"European Commission Fines Banking Cartel $120 Million","datePublished":"2014-10-21T13:41:56.000Z","dateModified":"2026-02-21T10:54:50.796Z","description":"JPMorgan will pay the lion's share, followed by UBS and Credit Suisse","url":"https://time.com/3528352/european-commission-fine-120-million-jp-morgan-ubs-credit-suisse/","keywords":["Money","Banking","interest rates"],"thumbnailUrl":"https://static.time.com/v3/assets/bltea6093859af6183b/blt6677ba39aeddb449/698761fbe53aba1fb04d52d6/455470247.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","author":[{"@type":"Person","name":"Dan Kedmey","jobTitle":null,"url":"https://time.com/author/dan-kedmey/"}],"articleSection":"World","image":[{"@type":"ImageObject","url":"https://static.time.com/v3/assets/bltea6093859af6183b/blt6677ba39aeddb449/698761fbe53aba1fb04d52d6/455470247.jpg?branch=production&width=1200&quality=75&auto=webp&crop=1200:675&height=675","width":1200,"height":675,"headline":"US-FINANCE-JP MORGAN-MADOFF-PENALTIES","caption":"US-FINANCE-JP MORGAN-MADOFF-PENALTIES","creditText":"STAN HONDA—AFP/Getty Images","representativeOfPage":true}],"publisher":{"@type":"Organization","name":"Time","url":"https://time.com/","logo":{"@type":"ImageObject","url":"https://time.com/images/logo.png","width":528,"height":156},"foundingDate":"March 3, 1923","sameAs":["https://www.facebook.com/time","https://www.instagram.com/time/?hl=en","https://twitter.com/time","https://www.pinterest.com/timemagazine"]}},{"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"/section/world/","name":"World"}},{"@type":"ListItem","position":2,"item":{"@id":"https://time.com/3528352/european-commission-fine-120-million-jp-morgan-ubs-credit-suisse/","name":"European Commission Fines Banking Cartel $120 Million"}}]}] ```