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Share Price: 697.00
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UPDATE 1-HSBC, JPMorgan, C Agricole to fight EU charges at June hearing - sources

Fri, 24th Apr 2015 17:59

* Hearing with Commission, national regulators on 15-17 June

* Chance for banks to plead case, reject EU arguments

* Possible fines of as much as 10 pct of global revenues (Adds HSBC, JPMorgan decline to comment)

By Foo Yun Chee

BRUSSELS, April 24 (Reuters) - HSBC Holdings,JPMorgan and Credit Agricole will seek tofight European Union charges of rigging financial benchmarks ata closed door hearing in June, two people familiar with thematter said on Friday.

The European Commission accused the three banks in May lastyear of manipulating the Euribor interbank offered rate afterthey refused to settle a case five months earlier, unlike sixother banks.

In December 2013, a record 1.7-billion-euro fine was imposedon six banks including Deutsche Bank, Royal Bank ofScotland and Citigroup for alleged benchmarkrigging. The banks settled these charges and received a10-percent cut in the fines.

"The hearing will be from 15 to 17 June," the people said.

Commission spokesman Ricardo Cardoso declined to comment. HSBC and JPMorgan declined to comment.

In these hearings, companies typically take the opportunityto press their case in front of an audience of experts from theEU executive and national regulators.

JPMorgan said last year the EU charges were without meritwhile HSBC said it would defend itself vigorously. CreditAgricole last month got a boost when the European Ombudsmanbacked its claim of Commission bias during the investigation.

The Commission usually takes several months to come to adecision after such a hearing.

HSBC, Europe's biggest bank, U.S. bank JP Morgan and Frenchpeer Credit Agricole could face fines up to 10 percent of theirglobal revenues if found guilty.

Regulators have slapped total fines of around $8.5 billionon some of the world's largest banks for market rigging andcollusion in the last seven years. (Reporting by Foo Yun Chee. Editing by Jane Merriman)

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