Swiss watchdog fines seven banks US$100m for rate-rigging
Offenders operated cartels to influence Libor and Euribor benchmarks
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Geneva
SWITZERLAND handed out about US$100 million in antitrust fines against seven United States and European banks for participating in cartels to manipulate widely used financial benchmarks.
JPMorgan Chase & Co was fined 33.9 million francs (S$47.8 million) for operating a cartel with Royal Bank of Scotland Group Plc (RBS) for more than a year, with the aim of influencing the Swiss franc Libor benchmark, which is tied to the London interbank offered rate, Switzerland's Competition Commission (Comco) said in a statement on Wednesday. RBS received immunity for revealing the existence of the cartel, which operated between March 2008 and July 2009.
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