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Briefing

Published Tue, Oct 21, 2014 · 09:50 PM

Banks fined for taking part in financial cartels

Brussels - The European Commission fined JPMorgan, UBS and Credit Suisse a total of 94 million euros (S$152 million) on Tuesday for taking part in cartels in the financial sector. JPMorgan received a 61.7 million euro fine for rigging the Swiss franc Libor benchmark interest rate between March 2008 and July 2009. It was also fined 10.5 million euros for participating in a carte…

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