E.U. Court Upholds Austrian Bank Cartel Fines

Law360, New York (December 14, 2006, 12:00 AM EST) -- A European court has upheld fines imposed four years ago by the European Union's competition watchdog on a group of banks for their participation in a wide-ranging price-fixing cartel in the Austrian market.

The European Commission slapped eight Austrian banks with €124.26 million in fines in June 2002 after carrying out a series of surprise inspections in 1998. The raids revealed that the chief executive officers of the banks had conspired to fix deposit, lending and other rates to the detriment of businesses and consumers....
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