JPMorgan Chase & Co.

EU fines 3 banks $520 million over rate market rigging

European Union regulators on Wednesday fined banks JPMorgan Chase, HSBC and Credit Agricole a combined $520 million for colluding to manipulate the price of financial products linked to interest rates.

EU antitrust Commissioner Margrethe Vestager said the banks illegally exchanged sensitive information and colluded to make big profits in the market on the specialized financial products.

JPMorgan Chase was fined 337 million euros, France's Credit Agricole 114 million euros and London-based HSBC 33 million euros.

Three years ago, the antitrust regulators levied about a billion euros in penalties from Barclays, Deutsche Bank, RBS and Societe Generale as part of the...

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