Credit Agricole complaint heralds investigation into regulators

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Credit Agricole’s complaint that European Union regulators showed bias in their rate-rigging probe is under investigation by the EU’s ombudsman.

Bloomberg News reports that the ombudsman’s office - a body that examines bad management by EU institutions ranging from abuse of power to negligence - opened a case on July 31 following a complaint by France’s third biggest bank, said Gundi Gadesmann, a spokeswoman for the internal EU watchdog.

The EU’s investigation into Euribor manipulation has been strained since Credit Agricole, JPMorgan Chase and HSBC refused to join four other banks including Deutsche Bank who agreed to pay a total of more than $1.3bn to settle in December. The ombudsman’s involvement is another nuisance for the Brussels-based commission.

'It’s always uncomfortable to have to deal with the ombudsman,' said Alfonso Lamadrid, a lawyer at Garrigues in Brussels who’s not involved in the antitrust probe.

Hit the link below to access the complete Bloomberg News article:

Credit Agricole Sparks Probe of EU Bias on Rate-Rigging

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