The case covers manipulation of financial contracts linked to the benchmark Euribor interest rate in the period between 2005 and 2008.
The European Commission said Wednesday that it has fined three banks EUR495.0 million over rigging euro interest rate derivatives, including a EUR33.6 million fine for HSBC Holdings PLC. "Banks have to respect European Union competition rules just like any other company operating in the single market", said Margrethe Vestager, the commissioner in charge of competition policy. JPMorgan Chase was fined 337.2 million euros and Credit Agricole 114.7 million euros for five-month involvements in the cartel.
JPMorgan shares closed at $83.69 in New York Tuesday, up 0.52% on the session.
HSBC said it was "reviewing" the Brussels announcement and "considering our legal options".
Vestager said traders in the Euribor case used online chat rooms to offer rivals special favours in order to help rig the rate at a more desired level.
"We believe we did not participate in an anti-competitive cartel".
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The commission's investigations into Euribor were one of a number of investigations that global antitrust regulators launched following revelations in 2012 of rigging and attempted manipulation of key market benchmark rates.
The fines also were based on the value of the sales for their products.
JPMorgan has hinted it may appeal the fine, a spokeswoman told the BBC today: "We will continue to vigorously defend our position against these allegations, including through possible appeals to the European courts".
"If this market is rigged it will benefit only a few and this is exactly what the seven banks did". The EU fines were reduced earlier this year by €218 million after the EU slashed Societe Generale's Euribor penalty due to a calculation mistake. The worldwide benchmark is used to set interest rates on financial products such as mortgages.
Last year, Tom Hayes, a former UBS Group AG and Citigroup Inc. employee, became the first trader to be jailed over the Libor scandal, and is serving an 11-year sentence in the United Kingdom for his part in rigging yen Libor.
Back then, Barclays, Deutsche Bank, RBS and Société Génerale reached a settlement with the executive for €1.5 billion.