South Korea FTC Goes After Banks

Law360, New York (March 31, 2008, 12:00 AM EDT) -- South Korea's Fair Trade Commission has announced that it is fining eight banks about $10 million for allegedly fixing foreign currency commission fees.

The FTC said Sunday that the eight banks were setting the commission fees on export bills, The Korea Times reported. The banks are Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank, Korea Exchange Bank (KEB), Standard Chartered First Bank, Industrial Bank of Korea (IBK) and Korea Development Bank (KDB).

“Since October 2002, these eight banks have collected an extra 0.4% of commission fees...
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