EU Court Advised To Cut Austrian Bank Cartel Fines

Law360, New York (March 26, 2009, 12:00 AM EDT) -- The advocate general for the European Court of Justice has suggested trimming the fines for four of eight Austrian banks slapped with €124.26 million ($168 million) in penalties seven years ago for their alleged participation in a wide-ranging price-fixing cartel.

Advocate General Yves Bot recommended Thursday that a December 2006 European Court of First Instance ruling upholding the European Commission fines be vacated, contending that the court erred when assessing the gravity of the anti-competitive activity for the purposes of calculating the fines.

The advocate general...
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