The European Commission (EU) has imposed a fine of 94m ($120m) on JPMorgan, UBS, and Credit Suisse for participating in illegal interest rate derivatives cartel.
The EU said that the banks involved in the cartel gave their nod to fix a pricing element collectively in a bid to prevent competition from rivals on the same terms between May and September 2007, something which ethically should be determined by the market.
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The banks confessed to their wrongdoing in return for a 10% decrease in their fines.
Majority of the fine amount (61.7m) has been imposed on JPMorgan for rigging the Swiss franc Libor benchmark interest rate between March 2008 and July 2009.
The lender will also have to pay 10.5m in fine for taking part in a cartel associated with Swiss franc interest rate derivatives.
UBS portion in the fine will be 12.7m, while Credit Suisse will have to pay a fine of 9.2m.
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By GlobalDataRoyal Bank of Scotland escaped fines amounting 115m by alerting EU about both the cartels.
