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EU competition regulators on Wednesday fined a group of American and European banks a record 1.7 billion euros ($2.3 billion) after they admitted to participating in cartels to manipulate two benchmark interest rates.
Eight banks, including Deutsche Bank, Royal Bank of Scotland and JPMorgan, were accused of fixing the yen-focused London interbank offered rate (Libor) and the euro interbank offered rate (Euribor), which are used to set the price of trillions of dollars worth of products such as mortgages and student loans.
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