EU seeking to settle with banks in Euribor, Libor cases by year-end

Mon Jul 1, 2013 6:39am EDT
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(Reuters) - EU regulators are seeking to settle with a group of banks under investigation for suspected rigging of lending benchmarks Euribor and Libor in a procedure which includes lower fines in return for admission of wrongdoing, the EU's antitrust chief said on Monday.

"We are trying to follow the Article 9 route. We hope we are ready to adopt a decision towards the end of the year," EU Competition Commissioner Joaquin Almunia told a news briefing, referring to antitrust rules.

Almunia said some of the banks charged in a credit derivatives investigation on Monday were also involved in the Euribor and Libor cases.

(Reporting by Foo Yun Chee; editing by Robin Emmott)

European Union (EU) Competition Commissioner Joaquin Almunia holds a news conference at the EU Commission headquarters in Brussels March 6, 2013. REUTERS/Eric Vidal