EXCLUSIVE-EU Commission to fine banks 1.7 bln euros for benchmark rigging
BRUSSELS Dec 4 (Reuters) - A group of leading European and American banks will be fined a record 1.7 billion euros ($2.3 billion) by the European Commission for the rigging of interest-rate benchmarks, a source familiar with the matter told Reuters on Wednesday.
The banks to be fined are Citigroup, Deutsche Bank , Royal Bank of Scotland, JPMorgan, Barclays and Societe Generale, sources have said.
"The total fine is 1.7 billion euros," the person said. If the figure is upheld, it would be the highest antitrust penalty ever imposed by the Commission, the EU's competition regulator.
The benchmarks involved are the London interbank offered rate Libor, the Tokyo interbank offered rate and the euro area equivalents. They are used to price hundreds of trillions of dollars in assets ranging from mortgages to derivatives. (Reporting By Foo Yun Chee; writing by John O'Donnell)
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