EU Fines Italian Banks €123M Over Illegal Aid

Law360, New York (March 13, 2008, 12:00 AM EDT) -- The European Commission took aim Wednesday at Italy for giving unlawful fiscal aid to privatized banks, hitting nine Italian banks with a total of €123 million ($191.5 million) in fines and referring the country to the European Court of Justice for failing to recover illegal state aid in another instance.

The EC launched an investigation in May into Italy’s 2004 Finance Law, focusing on certain tax incentives that the commission said distorted competition in Italy by favoring certain Italian banks with tax breaks. The commission announced...
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