JPMorgan Chase, Credit Agricole and HSBC were fined some $521 million by the European Commission for rigging benchmark European interest rates, the Euribor.
U.S. stock futures rise following another record close for the Dow Jones Industrial Average; Pfizer is fined $107 million for hiking the price of an epilepsy drug.
JPMorgan will pay a $360 million fine for colluding in the setting of benchmark European interest rates.
The Dodd-Frank Act, intended to curb risky Wall Street practices blamed for the 2008 financial crisis, gave regulators a lot of latitude to write rules. Was it too much?