JPMorgan Chase, Credit Agricole and HSBC have been fined a total of 485 million euros for their alleged role in a cartel to fix the price of Euribor interest rates.<br /><br /> The European Commission says the trio were part of a seven-bank network that colluded between 2005 and 2008 to manipulate the financial benchmark widely used in international money markets.<br /><br /> “Today’s final decision sends a clear message: banks, like all companies, have to respect EU competition rules,” said Margrethe Vestager, EU competition commissioner.<br /><br /> The Commission found a series of chatroom messages between traders at the banks congratulating each other on their actions. It’s still investigating foreign exchange trading.<br /><br /> JPMorgan says it will appeal against the decision and denies any wrongdoing. Credit Agricole and HSBC say they will examine the charges. <br /><br /> Deutsche Bank and Societe Generale admitted guilt three years ago and were fined 824 million euros while Barclays avoided a penalty because it alerted the Commission.<br />
