By Chad Bray and Jack Ewing
The New York Times
Wednesday, December 4, 2013
BRUSSELS, Belgium -- The European Union has fined a group of global financial institutions, including for the first time two American banks, a combined 1.7 billion euros to settle charges they colluded to fix two benchmark interest rates.
The settlement, worth about $2.3 billion and announced by European Union antitrust officials today, relates to actions by traders at some of the world's largest banks, including Citigroup, Royal Bank of Scotland and Deutsche Bank. The banks were accused of fixing rates for the London interbank offered rate, or Libor, as it relates to the Japanese yen and the euro interbank offered rate, or Euribor.
"The commission is determined to fight these cartels in the financial sector," Joaquín Almunia, the European Union's competition commissioner, said at a news conference in Brussels. ...
... For the full story:
http://dealbook.nytimes.com/2013/12/04/e-u-im...on-euros-in-...
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