Regulation

JP Morgan, Crédit Agricole and HSBC fined €485m over Euribor cartel

The European Union's executive arm has accused the banks of participating in a euro interest rate derivatives cartel

JP Morgan incurred the largest penalty of the three banks
JP Morgan incurred the largest penalty of the three banks Photo: iStockPhoto

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.

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