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Update | HSBC, JPMorgan and Credit Agricole fined €485 million for operating cartel to fix Euribor

HSBC and JPMorgan deny wrongdoing and are considering their legal options

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EU Commissioner for Competition Margrethe Vestager gives a press conference after the European Commission fined Credit Agricole, HSBC and JPMorgan Chase, a total of €485 million for colluding to rig Euribor. Photo: EPA

The European Commission has fined HSBC, Crédit Agricole and JPMorgan Chase a combined total of 485 million for participating in a cartel to fix the key Euribor pricing benchmark.

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HSBC was fined 33.6 million, while JPMorgan Chase was fined 337 million, and Credit Agricole€was fined 114 million.

All three banks denied any wrongdoing, and said that they were considering their options.

The commission said that the cartel had operated between 2005 and 2008.

“The banks colluded on euro interest rate derivative pricing elements, and exchanged sensitive information, in breach of EU antitrust rules,” a statement from the European Commission said.

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Commissioner Margrethe Vestager, who is in charge of competition policy, said: “A sound and competitive financial sector is essential for investment and growth. Banks have to respect EU competition rules just like any other company operating in the Single Market.”

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