EU fines 8 banks record €1.7bn for rate fixing

GMT 11:09 2013 Wednesday ,04 December

Arab Today, arab today EU fines 8 banks record €1.7bn for rate fixing

Arab Today

The European Union fined eight finance groups a record 1.7 billion euros on Wednesday for rigging the Euribor and Japanese yen Tibor interest rates. German Deutsche Bank, involved in rigging both rates, was fined a total of 725 million euros ($985 million), and French Societe Generale was fined 446 million euros for manipulating the European Euribor rate.

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