European Commission Fines Banking Cartel $120 Million

The European Commission levied 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. 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]