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EU: LIBOR case to bank latest fines

By  |  January 22, 2014

Three sources told reporters that the LIBOR scandal is about to net more fines as UBS and JPMorgan are set to be in talks with the European Commission to settle a third investigation into the alleged benchmark manipulation, say reports.

The banks, along with Credit Suisse Group and RBS, are reportedly looking to settle the probe over the manipulation of the Swiss franc LIBOR rate. Reports say the settlement will likely include fines and the admission of liability in the case.

If true, the incoming fines will add to the $6 billion in penalties netted so far from the case. Last December, the European Commission settled its last case by fining six companies including Deutsche Bank. The fines in the case were a record $2.3 billion.

EU authorities are involved in several continuing probes into the industry, including the Swiss franc manipulation investigation, as well as an investigation into allegations of foreign exchange rate manipulation.

Full Content: Bloomberg

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