FORTUNE — European Union regulators have filed formal charges against three banks over the alleged operation of an illegal cartel to rig interest rates.
The banks in question — Credit Agricole
, and JPMorgan
— are facing EU charges, but they are not the only banks implicated in the scandal, reports the Wall Street Journal.
Four other banks — Barclays
, Deutsche Bank
, and Societe Generale
— have all admitted they were involved in the cartel, and so had their penalties reduced by 10% as part of a settlement with the EU last December, the Journal said.
This case also comes five months after the EU fined six banks €1.71 billion ($2.3 billion) for colluding to set benchmark interest rates.
The banks could face fines of 10% of their worldwide turnover if found guilty.