J.P. Morgan Chase, Credit Agricole and HSBC on Wednesday were fined a total of €486 million ($515 million) by the European Commission for manipulating the Euro Interbank Offered Rate, or EURIBOR, benchmark interest rate.
J.P. Morgan Chase was fined €337 million, while Credit Agricole was fined €115 million and HSBC, €34 million.
The EC in a news release said the three banks participated in a “cartel” of seven banks that colluded on euro interest rate derivative pricing between September 2005 and May 2008.
The other four banks — Barclays, Deutsche Bank, Royal Bank of Scotland and Societe Generale — reached a combined €1.49 billion settlement with the EC in December 2013. J.P. Morgan Chase, HSBC and Credit Agricole chose not to settle with the EC, according to the news release.
Among the seven banks named by the EC, Barclays, J.P Morgan Chase and RBS were also among six banks in May 2015 to pay a total of $5.6 billion to the U.S. Justice Department, Federal Reserve, Commodity Futures Trading Commission and New York State Department of Financial Services to settle foreign-exchange rate manipulation charges.
Also, in November 2014, J.P. Morgan Chase, HSBC and RBS were among six banks that reached settlements totaling $4.4 billion with the CFTC, U.K.’s Financial Conduct Authority, the Office of Comptroller of the Currency and Swiss regulators for forex manipulation.