French Court Axes €385M In Antitrust Fines On Banks

Law360, New York (February 24, 2012, 6:43 PM EST) -- A Paris appeals court on Thursday overturned €385 million ($518 million) in fines against 10 of the country's biggest banks, ruling that France's competition watchdog hadn't proven that an agreement to reform the interbank check-processing system amounted to a cartel-like antitrust violation.

The ruling from the Paris Court of Appeals tossed the French Competition Authority's 2010 decision penalizing banking heavyweights like BNP Paribas SA, HSBC France SA and Societe Generale SA for their roles in an agreement to overhaul the country's interbank check-processing system amid the...
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