J.P. Morgan, Other Banks Slapped With EU Fines Totaling $520 Mln

By Victor Reklaitis Markets MarketWatch Pulse

European Union regulators on Wednesday hit J.P. Morgan Chase , HSBC and Cr�dit Agricole with fines totaling €485 million ($520 million), saying they participated in a cartel that aimed to steer a benchmark interest rate. The banks "colluded on euro interest rate derivative pricing elements, and exchanged sensitive information, in breach of EU antitrust rules," the European Commission said in a statement.

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