The European Commission has collectively fined six international financial institutions €1.7bn (£1.4bn) for their involvement in the manipulation of benchmark rates.
Eight international financial institutions were accused of participating in illegal cartels in markets for financial derivatives covering the European Economic Area (EEA). Deutsche Bank and RBS were handed fines of €725m and €391m respectively for their involvement in manipulating both the yen London interbank offered rate (LIBOR) and the Euro Interbank Offered Rate (EURIBOR). Société Générale received a fine of €445m for its involvement in the rigging of the Euribor rate. Deutsche Bank, RBS and Société Générale received a reduction in their fines for their cooperation in the inves...
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