JPM, UBS and C Suisse fined total of 94m euros as EU cracks down on cartels

European Union

JPMorgan, UBS and Credit Suisse were fined a total of 94 million euros (74.14 million pounds) by the European Commission for taking part in cartels in the financial sector.

Reuters reports that the Commission handed JPMorgan a 61.7-million-euro fine for rigging the Swiss franc Libor benchmark interest rate between March 2008 and July 2009. It was also fined 10.5 million euros for participating in a cartel on Swiss franc interest rate derivatives.

UBS' penalty in the derivatives cartel came to 12.7 million euros and that of Credit Suisse was 9.2 million euros. Royal Bank of Scotland alerted the Commission about both cartels and escaped total fines of 115 million euros.

The penalties are the latest by the European Commission, which along with authorities around the world, has handed down billions of euros in fines against top banks for rate-rigging, breaking trade sanctions and other misbehaviour.

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EU fines JPMorgan, UBS, Credit Suisse for taking part in cartels

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