Credit Agricole, HSBC and JP Morgan have been fined for rigging the Euribor interest rate benchmark as European Union antitrust regulators wrapped up a five-year investigation into the scandal.
The European Commission's competition watchdog fined the banks a total of €485m (£410m) for participating in a cartel in euro interest rate derivatives, according to a statement.
The three banks held out against a 2013 settlement with the European Commission that imposed almost €1bn of fines on Deutsche Bank, Société Générale and Royal Bank of Scotland.
In a statement the European Commission said the banks had colluded on euro interest rate derivative pricing elements, and exchanged sensitive information, in breach of antirust rules.
JP Morgan was fined €337.2m, HSBC got a €33.6m penalty and Credit Agricole must pay €114.7m.
US bank JP Morgan, which was hit with the heaviest fine by the EU for rigging the key Euribor rate, has left the door open to a possible appeal.
Jennifer Zuccarelli, JP Morgan spokeswoman, said: "We have cooperated fully with the European Commission throughout its five year investigation. We did not engage in any wrongdoing with respect to the EURIBOR benchmark. We will continue to vigorously defend our position against these allegations, including through possible appeals to the European courts.”
The decision is an example of the long shadow that still hangs over the industry from alleged misconduct during the years of the financial boom.
Commissioner Margrethe Vestager said: "A sound and competitive financial sector is essential for investment and growth."
"Banks have to respect EU competition rules just like any other company operating in the Single Market."
"At least I hope it marks the end of our investigations."
Several inquiries into rate-rigging have already resulted in €1.8bn in fines covering about 11 institutions in conspiracies to fix the Yen Libor, Swiss-Franc Libor and Euribor.
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