3rd Feb 2015 06:44
LONDON (Alliance News) - ICAP PLC faces an EU fine this week for allegedly facilitating cartels on yen-denominated inter-rate benchmarks, as Brussels tackles the holdouts in rate-rigging probes that have already resulted in about EUR1.7 billion in penalties, the Financial Times reports Tuesday.
The world?s largest interdealer broker has strongly denied wrongdoing, refused to settle and has informed the European Commission that it will appeal any fine as wrong in fact and law, the FT said, citing people involved in the case.
Although the Commission will not decide on the exact penalty until later this week, it is expected to be under EUR10 million, the FT added, although if its appeal is unsuccessful, ICAP will be in the line of fire for potential damages claims. The Commission declined to comment.
http://www.ft.com/cms/s/0/9bbf3200-aafa-11e4-91d2-00144feab7de.html?ftcamp=crm/email/201523/nbe/UKBusiness/product&siteedition=uk#axzz3Qf5OiVBq
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
IAP.L