On May 20, the European Commission announced that it has sent a statement of objections to Credit Agricole, HSBC and JP Morgan for their suspected participation in the euro interest rate derivatives (EIRDs) cartel. The Commission is concerned that the three banks have colluded to influence the pricings of EIRDs, contrary to Article 101 of the Treaty on the Functioning of the European Union. Four other banks have previously admitted their involvement in the cartel, enabling the Commission to settle the case with them and impose fines in December 2013. However, Credit Agricole, HSBC and JP Morgan did not settle, so the investigation into their involvement continues under the standard (non-settlement) cartel procedure. Press Release. Statement.