Posted: May 20, 2014 4:04 AM
Updated: May 20, 2014 4:04 AM
AMSTERDAM (AP) The European Commission's top competition regulator has accused JPMorgan, HSBC and Credit Agricole of colluding to manipulate the price of financial products "derivatives" linked to interest rates.
Commissioner Joaquin Almunia said Tuesday the banks will now have a chance to respond to his preliminary findings. If the Commission ultimately concludes they have broken the law, it can impose a maximum fine of up to 10 percent of their annual turnover.
In December 2013, the Commission levied fines totaling 1.04 billion euros ($1.42 billion) on Barclays, Deutsche Bank, RBS and Societe Generale as part of the same case, which covers 2005-2008. They were granted a reduction in their fine for cooperating in a settlement.