The EU’s antitrust department today accused JP Morgan, HSBC and Credit Agricole of being part of a cartel in manipulation of the Euribor, Europe’s interbank lending market.
An EU statement said that the European Commission;
“has concerns that the three banks may have taken part in a collusive scheme which aimed at distorting the normal course of pricing components for euro interest rate derivatives”
The three banks will have an opportunity to have their say at a hearing to be organised.
Funny how this stuff all comes out together eh?
