- All three banks failed to agree to a 2013 settlement with the EU Commission
- Level of fines linked to time spent participating and value of products
- HSBC has confirmed it is now ‘considering our legal options’
- Euribor is the interest rate at which European banks borrow from each other
HSBC, JP Morgan and Crédit Agricole have been slapped with a €485million (£413million) fine by the European Commission for their role in a cartel which conspired to rig a key bank lending mechanism.
After a five-year investigation, the EU’s anti-trust watchdog said the three banks colluded to manipulate the Euribor interest rate between September 2005 and May 2008 by exchanging sensitive information ‘to distort the normal course of pricing’.
JP Morgan was given the…