JPMorgan Chase, Citigroup first U.S. banks to be fined in rate-rigging scandal

http://www.washingtonpost.com/business/economy/eu-fines-first-us-banks-in-rate-rigging-scandal/2013/12/04/828468da-5cf6-11e3-95c2-13623eb2b0e1_story.html

For its part, JPMorgan’s portion of the settlement, $108 million, covers only allegations relating to the ma­nipu­la­tion of the Japanese benchmark rate. The bank, along with HSBC and Credit Agricole, maintains its innocence in the Euribor case.
In a statement, JPMorgan said, “The settlement makes no finding that JPMorgan Chase management had any knowledge or involvement in the conduct at issue, or that the traders’ actions had any impact on the firm’s Libor submissions or the published Libor rates.”
Citigroup, meanwhile, agreed to a $95 million fine for its participation in the Japanese scheme. It received full immunity for one of the violations by cooperating with authorities, avoiding an additional $74 million fine.
“We’re pleased to resolve this matter with the European Commission and to put this investigation behind us,” said Danielle Romero-Apsilos, a bank spokeswoman. “Citi continues to cooperate with other regulators in connection with investigations.”

No Jail, no arrests NO CONFIDENCE!