AMSTERDAM (AP) — European Union regulators on Tuesday charged banks JPMorgan, HSBC and Credit Agricole with colluding to manipulate the price of financial products linked to interest rates.

The European Commission’s move is the first step in a legal dispute that can cost the banks dearly. The Commission’s top competition regulator, Joaquin Almunia, said the banks will now have a chance to respond to the preliminary findings. If the Commission ultimately concludes they have broken the law, it can impose a fine of up to 10 percent of their annual revenue.