E.U. Fines 8 Banks a Combined 1.7 Billion Euros for Fixing Benchmark Rates

E.U. Fines 8 Banks a Combined 1.7 Billion Euros for Fixing Benchmark Rates

The European Union has fined eight banks a combined 1.7 billion euros in a historic accord over alleged collusion to fix two benchmark interest rates.

The settlement, worth about $2.3 billion and announced by European Union antitrust officials on Wednesday, relates to alleged actions by traders at some of the world’s largest banks, including Citigroup, Royal Bank of Scotland and Deutsche Bank. The banks were accused of fixing rates for the London interbank offered rate, or Libor, as it relates to the Japanese yen and the euro interbank offered rate, or Euribor.

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