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JPMorgan Chase denies wrongdoing in EU rate rigging case

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JPMorgan Chase on Wednesday denied any wrongdoing after the EU's anti-trust regulator hit it and two other banks with fines for alleged interest rate rigging, saying it may appeal.

[NEW YORK] JPMorgan Chase on Wednesday denied any wrongdoing after the EU's anti-trust regulator hit it and two other banks with fines for alleged interest rate rigging, saying it may appeal.

"We have cooperated fully with the European Commission throughout its five year investigation," the US bank said in a statement.

"We did not engage in any wrongdoing with respect to the Euribor benchmark. We will continue to vigorously defend our position against these allegations, including through possible appeals to the European courts."

The European Commission, the EU's executive arm, earlier Wednesday slapped huge fines on JPMorgan, HSBC and Credit Agricole for allegedly rigging the Euribor interest rate benchmark, which is used in a wide range of financial instruments.

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The fines "for participating in a cartel in euro interest rate derivatives" totalled 485 million euros (S$739.67 million).

The banks hit with the fines had rejected a 2013 settlement that the EU reached with Deutsche Bank, Societe Generale and Royal Bank of Scotland.

AFP

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