JP Morgan was fined in two separate matters brought by the European Commission related to alleged violations of EU antitrust rules. In one matter, the firm was fined €61.6 million for its role in a claimed bilateral cartel with the Royal Bank of Scotland whose purpose was supposedly to influence the Swiss franc London interbank offered benchmark rate between March 2008 and 2009. RBS paid no fine in connection with this matter for disclosing the existence of the cartel to the European Commission. In the second action, JP Morgan was fined €10.53 million, UBS €12.65 million and Credit Suisse €9.17 million for their alleged role in operating a cartel whereby they quoted among themselves narrower bid ask spreads of Swiss franc interest rate derivatives between May and September 2007, while at the same time quoting wider spreads to others. RBS also was alleged to have participated in this cartel, but again paid no fine because it disclosed the existence of the cartel to the European Commission. All the banks voluntarily settled their actions.