RBS And JPMorgan Agree To Settle Swiss Franc Libor Case With EU

(RTTNews) - The European Commission has found that two international banks, Royal Bank of Scotland Group Plc. (RBS, RBS.L) and JPMorgan Chase & Co. (JPM), participated in an illegal bilateral cartel aimed at influencing the Swiss franc Libor benchmark interest rate between March 2008 and July 2009. The banks agreed to settle the case with the Commission.

The Commission stated that RBS received immunity from fines for revealing the existence of the cartel to the Commission. JPMorgan was fined 61.68 million euros after benefitting from a reduction of its fine for its cooperation with the investigation under the Commission's 2006 Leniency Notice, as well as a 10% reduction for agreeing to settle the case with the Commission.

According to the Commission, RBS was not fined as it benefited from immunity under the Commission's 2006 Leniency Notice for revealing the existence of the cartel to the Commission and thereby avoided a fine of around 110 million euros for its participation in the infringement.

JP Morgan received a reduction of its fine for its cooperation in the investigation under the Commission's leniency programme. Both banks agreed to settle the case with the Commission, leading to a further reduction in fines of 10%.