JPMorgan Chase & Co., HSBC Holdings Plc, and Credit Agricole SA were accused today by the European Union's (EU's) antitrust arm of colluding to manipulate interbank lending rates.
The trio received antitrust complaints alleging that they participated in a cartel to rig Euribor. The so-called "statement of objections" is the next step in the EU enforcement process after the lenders dropped out of settlement talks last year.
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," it said in an e-mailed statement.
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