Switzerland fines banks including JPMorgan and Barclays $97.3 million for Libor rigging
Source: Business Insider
ZURICH — The Swiss Competition Commission (COMCO) fined several European and US banks almost 100 million Swiss francs ($97.3 million) over interest rate cartels, the latest punishment dished out in connection with rate-rigging scandals.
COMCO began its investigation in December 2012, after Barclays became the first bank to settle allegations it had attempted to manipulate the London Interbank Offered Rate (LIBOR), paying a $450 million fine to U.S. and UK authorities.
The COMCO penalties announced on Wednesday, the largest of which was a 33.9 million franc fine for JPMorgan Chase & Co, are relatively small compared to other sanctions doled out in rate-rigging cases.
But they are a further sign of the collusion which took place in the setting of interest rate derivatives, used by banks and companies to manage the risk of interest rates fluctuations.
Read more: http://www.businessinsider.com/swiss-comco-fines-jpmorgan-barclays-and-other-for-libor-rigging-2016-12
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