ZURICH
The Swiss Competition Commission (COMCO) fined several European and US banks almost 100 million Swiss francs ($97.3 million) over interest rate cartels, the latest punishment dished out in connection with rate-rigging scandals. COMCO began its investigation in December 2012, after Barclays became the first bank to settle allegations it had attempted to manipulate the London Interbank Offered Rate (LIBOR), paying a $450 million fine to US and UK authorities. The COMCO penalties announced on Wednesday, the largest of which was a 33.9 million franc fine for JPMorgan Chase & Co, are relatively small compared to other sanctions doled out in rate-rigging cases.
