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.
The Brief Newsletter
Sign up to receive the top stories you need to know right now. View Sample
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]
