The European Commission has fined Credit Agricole, HSBC and JP Morgan Chase a total of 485 million euros ($520 million) for their alleged participation in a cartel to manipulate the price of the Euribor financial benchmark. The Commission said on Wednesday they were part of a seven-bank cartel that colluded between September 2005 and May 2008 to distort the Euribor interest rate which was set using quotes submitted by a panel of banks and is widely used in international money markets. Ben Kumar, Investment Manager at Seven Investment Management, joined Share Radio to discuss.
