The EU antitrust Authority is oriented to fine JP Morgan, UBS and Credit Suisse for a total of over 115 million dollars (about 94 million euros) in the context of the scandal over the manipulation of the Libor rate in Swiss francs. This was reported by Reuters, adding that Royal Bank of Scotland has alerted the Commission to the manipulative practices and, for this reason, will not be penalized for its role in the cartel.
JP Morgan was fined the largest: nearly 62 million euros for tampering with the Swiss franc's key interest rate between March 2008 and July 2009. The US bank was also fined another 10,5 million for participating in a cartel on Swiss franc interest rate derivatives. The fine for UBS is 12,7 million euros, that for Credit Suisse is 9,2 million. These sanctions follow the record 1,7 billion euro sanction imposed last December on six banks again for the investigation into the manipulation of London's Libor rates as well as the Euribor.
