EU accuses banks of price collusion

Many of the world’s largest investment banks have been accused of secretly acting together to maintain fees they made from financial products known as credit derivatives.

The European Commission has told 13 banks – including Citigroup, Goldman Sachs, JPMorgan and Morgan Stanley – as well as the industry association for derivatives itself, the International Swaps and Derivatives Association, ISDA, of the preliminary conclusions of an investigation that began in March.