French Banks Fined €385M For Check Fee Collusion

Law360, New York (September 20, 2010, 4:09 PM EDT) -- France’s competition regulator has hit BNP Paribas SA, Banque de France and nine other banks with €385 million ($503 million) in fines for allegedly colluding to fix check-clearing fees as they switched to a new check processing system.

The banks conspired to illegally levy a fee of 4.3 euro-cents on some 80 percent of the checks exchanged in France between 2002 and 2007, as well as two additional fees for “related services” that the watchdog found to be unwarranted, the Autorite de la Concurrence said Monday....
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