Banks accused in EU regulator probe

The European Union’s top competition regulator has accused JPMorgan, HSBC and Credit Agricole of colluding to manipulate the price of financial products linked to interest rates.

The European Commission’s Joaquin Almunia said the banks will now have a chance to respond to his preliminary findings. If the Commission ultimately concludes they have broken the law, it can impose a maximum fine of up to 10% of their annual turnover.