European Union:
Commission Carries Out Dawn Raids In Relation To Suspected Cartel Distorting EURIBOR Rates
15 December 2011
Dundas & Wilson
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On 18 October, the European Commission began unannounced
inspections at European banks, as part of an investigation into
a suspected cartel in relation to derivative products linked to the
Euro Interbank Offered Rate (EURIBOR).
As is often the case, the EURIBOR investigation is one of a
number of worldwide investigations into similar matters - the US
DOJ is investigating the setting of LIBOR, and Japanese officials
are investigation the rate-setting process for TIBOR. UBS has
previously confirmed that it is a leniency applicant in relation to
those investigations.
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