European Commission fines six companies for Libor manipulation

The six companies will pay 1.7 billion Euros, the highest European cartel penalty levied

Is there a major bank that didn’t manipulate the London interbank offered rate (Libor)? First to be hit was Barclays in June 2012 with a $450 million settlement, and then UBS AG was forced to pay $1.5 billion in December 2012.

This time, the European Commission has multiple targets. The Commission announced on Dec. 4 that six different companies would be charged a total of 1.7 billion euros ($2.3 billion) for rigging interest rates associated with Libor, the single-highest cartel penalty leveled by the Commission. Deutsche Bank AG received the largest single penalty at 725 million euros ($985 million), while Royal Bank of Scotland Group Plc received a fine of 391 million euros ($531 million).

Assistant Editor

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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