The European Union has fined two American banks and other global financial giants more than $2 billion over the Libor rate fixing scandal.
{mosads}The fine marks the first time that Citigroup and JPMorgan Chase are paying up for their role in rate fixing, The New York Times reports. Barclays, UBS and other banks have already paid more than $3 billion to the U.S., Britain and Switzerland for their roles in fixing the Libor rate.
“The commission is determined to fight these cartels in the financial sector,” said the E.U.’s Joaquín Almunia.