![JP Morgan incurred the largest penalty of the three banks](https://assets.fnlondon.com/2016/12/IMG013999_full4x3.jpg)
JP Morgan, Crédit Agricole and HSBC have been fined just shy of €500 million for their alleged roles in a "cartel" that manipulated the Euribor benchmark.
The European Commission said in a December 7 statement that the banks "colluded instead of competing with each other on the euro derivatives market" between September 2005 and May 2008.