A group of leading European and American banks will be fined a record 1.7 billion euros (£1.4 billion) by the European Commission for the rigging of interest-rate benchmarks, a source familiar with the matter told Reuters on Wednesday.
The penalty is the biggest yet to be handed down to banks for rigging the benchmarks used to determine the cost of lending, one of the most brazen violations of conduct seen during the financial crisis.
The banks to be fined are Citigroup, Deutsche Bank, Royal Bank of Scotland, JPMorgan, Barclays and Societe Generale, sources have said.
Source: Reuters
