Hungarian Cartel Probe Yields $43M In Fines For 11 Banks

Law360, New York (November 20, 2013, 12:19 PM EST) -- The Hungarian government on Wednesday slapped 11 financial institutions with a total of $43 million in fines for their conspiratorial efforts to circumvent a government program that eased the burden on borrowers by allowing repayment of foreign currency-based real estate mortgage loans at below-market exchange rates.

From September 2011 through January 2012, the Hungarian Competition Authority, known domestically as GVH, found that the banks had exchanged confidential business information in order to avoid the costs that were imposed on lenders under the program.

"GVH found that...
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