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Group of banks including JPMorgan Chase & Co fined 1.7 billion euros for benchmark rigging-Reuters

Tuesday, 3 Dec 2013 07:00pm EST 

JPMorgan Chase & Co:Is part of a group of European and American banks fined 1.7 billion euros ($2.3 billion) by the European Commission-Reuters.The fine is for the rigging of interest rate benchmarks.The benchmarks involved are the London interbank offered rate Libor, the Tokyo interbank offered rate and the euro area equivalents.The Commission fined JPMorgan Chase & Co 80 million euros for one infringement regarding Yen Libor.The Commission has opened proceedings against JPMorgan Chase & Co regarding EURIBOR, but a settlement has not been reached.The other banks involved include Citigroup, Deutsche Bank, Royal Bank of Scotland, Societe Generale and Barclays. 

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