EU’s Euribor Hearing Underway
The European Union’s (EU) European Commission is convening a three-day hearing to investigate alleged manipulation of the Euro Interbank Offered Rate (Euribor). The private hearing began today, Monday June 15, 2015, and will feature the testimony of JP Morgan Chase, HSBC and Credit Agricole. These three banks declined to participate in the 2013 settlements with other banks engaged in the misconduct. Since then, the European Commission has been conducting an investigation and forming a case against the three for their roles in the suggested benchmark rigging cartel.
According to Bloomberg’s reporting, JPMorgan Chase, HSBC and Credit Agricole plan to refute the assertions made in the EU’s Statement of Objections, published in May 2014. The exact testimony and details of the hearing have not yet been made public.
- EC Statement of Objections: http://europa.eu/rapid/press-release_IP-14-572_en.htm