Banks accused in EU regulator probe
Published 20/05/2014 | 12:22
The European Commission's Joaquin Almunia said the banks will now have a chance to respond to his preliminary findings. If the Commission ultimately concludes they have broken the law, it can impose a maximum fine of up to 10% of their annual turnover.
In December 2013, the Commission levied fines totalling 1.04 billion euro (£846 million) on Barclays, Deutsche Bank, RBS and Societe Generale as part of the same case, which covers financial derivatives linked to a benchmark interest rate called Euribor in the period 2005-2008.
Barclays escaped fines for having notified the Commission of the existence of the cartel, and the others were granted a reduction in their fine for co-operating in a settlement.
Mr Almunia noted at a press conference in Brussels that the three banks cited today, which have not conceded wrongdoing or agreed to a settlement, will "in any case" not receive any reduction in penalty if they are ultimately fined.
JPMorgan could not immediately be reached for comment.