JPMorgan, HSBC, C Agricole facing Euribor hearing

HSBC Canary Wharf

JPMorgan, HSBC and Credit Agricole will come face to face with the European Union antitrust officials who accused them of rigging the Euribor benchmark at hearings this week.

Bloomberg News reports that Credit Agricole was first up Monday and will be followed by JPMorgan and HSBC as the trio seek to expose faults in the EU case that’s been beset with difficulties, said two people familiar with the three-day hearing, who asked not to be identified because it will take place behind closed doors.

'It’s unusual that a case would be completely turned around' at a hearing, said John Temple Lang, a former antitrust official who’s now a consultant at Cleary Gottlieb Steen & Hamilton LLP in Brussels. If their arguments are convincing, 'it’s more likely that the case would be modified', which may lower any fines.

To access the complete Bloomberg News article hit the link below:

JPMorgan, HSBC Said to Meet EU Accusers in Euribor-Probe Hearing

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