JPMorgan And HSBC To Face EU Rate-Rigging Fines
News: JPMorgan Chase & Co, HSBC Holdings, and Credit Agricole as well as interdealer broker ICAP, will reportedly be fined by the EU's antitrust chief Joaquin Almunia over rate-rigging settlements. The companies are believed to face fines before Almunia retires on October 31 2014. Almunia is expected to send statements of objections to the companies in the Euribor and Libor cases by April 20 2014. Almunia's plan to fine the companies before his retirement could allow the parties to present this as a case where 'political' interests took priority over the stringent application of law, according to Willkie Farr & Gallagher Lawyer Adrien Giraud (Bloomberg).