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EU regulators charge three banks over rate-rigging

May 20, 2014, 2:27 PM UTC

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 (CRARY), HSBC (HSBC), and JPMorgan (JPM) — are facing EU charges, but they are not the only banks implicated in the scandal, reports the Wall Street Journal.

Four other banks — Barclays (BCS), Deutsche Bank (DB), RBS (RBS), and Societe Generale (SCGLY) — 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.