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E.U. Hits 8 Banks With 1.7 Billion Euros In Fines For Rate Rigging

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December 04, 2013 AT 4:16 AM
The European Union has fined eight banks a combined 1.7 billion euros in a historic accord over alleged collusion to fix two benchmark interest rates. The settlement, worth about $2.3 billion and announced by European Union antitrust officials on Wednesday, relates to alleged actions by traders at some of the world’s largest banks, including Citigroup, Royal Bank of Scotland and Deutsche Bank.