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Several banks under investigation for suspected rigging of euro interest rates are cooperating with EU antitrust regulators in the hope of lower fines, two people familiar with the matter said on Monday, a move which puts the lenders at a higher risk of lawsuits.
The decision by the banks to disclose more about their knowledge of possible manipulation of the Euro Interbank Offered Rate (Euribor) is effectively an admission of wrongdoing and illustrates growing nervousness that they face a heavy penalty.
The European Commission is investigating possible manipulation of Euribor, the benchmark used when pricing bank lending in euros.
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