European banks hit with record competition fines

Deutsche Bank and Societe Generale are amongst those which now have to pay out, as a result of fixing Libor rates. Deutsche Bank is awaiting a similar fine from the Japanese regulator, with an announcement expected to be made this month. Two banks - Barclays and UBS - which were the first to alert the authorities to the rule breaches were spared fines. The €1.7b fine is the highest ever handed down to a cartel. The previous record was €1.5b. Cleary Gottlieb, Slaughter and May and King & Wood Mallesons are among the law firms involved in the issue. Source: Financial Times