E.U. Slams Banking Sector For Antitrust Abuses

Law360, New York (January 31, 2007, 12:00 AM EST) -- Banks have conspired to keep fees associated with credit and debt cards artificially high, which has diminished competition industry-wide, according to E.U. Competition Commissioner Neelie Kroes.

On Wednesday, the European Commission’s antitrust watchdog delivered a blistering report on the retail banking industry, ending an 18-month investigation into the financial services sector.

“The inquiry has found widespread competition barriers which unnecessarily raise the cost of retail banking services for European firms and consumers,” said Kroes. “The Commission will make full use of its powers under competition law...
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