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JPMorgan Hit Hardest as EU Fines Euribor Trio $521 Million

  • Firms shunned Euribor settlement, got formal complaint in 2014
  • Fines follow global scandal over benchmark manipulation
Pedestrians walk past JPMorgan Chase & Co.
Photographer: Ron Antonelli/Bloomberg
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JPMorgan Chase & Co., HSBC Holdings Plc and Credit Agricole SA were fined a total of 485.5 million euros ($521 million) for rigging the Euribor benchmark as European Union antitrust regulators wrapped up a five-year investigation into the scandal.

The trio colluded to rig the Euribor rate and exchanged sensitive information to suit their trading positions in correlated derivatives markets, in breach of EU antitrust rules, the European Commission said on Wednesday in an e-mailed statement. JPMorgan was fined 337.2 million euros, HSBC got a 33.6 million-euro penalty and Credit Agricole must pay 114.7 million euros.