Sorry Seems to Be the Hardest Word for EU in Rate-Rigging Probe

Credit Agricole SA was told to expect a full apology after the European Union’s former antitrust chief singled out the French bank in off-the-cuff comments about an ongoing rate-rigging probe.

But instead of saying sorry, the European Commission said there was no bias and that it merely “regrets” that comments by Joaquin Almunia “might have been misinterpreted as demonstrating a lack of impartiality,” according to a letter published by the EU ombudsman, which urged the regulator to apologize earlier this year.