European Court Rules Against Austrian Banks

Law360, New York (June 7, 2006, 12:00 AM EDT) -- The Luxembourg Court of First Instance this week threw out the appeal of two Austrian banks that had accused the European Commission of wrongly sharing information related to a banking price-fixing case.

The banks—Osterreichische Postsparkasse AG and Bank fur Arbeit und Wirtschaft AG—accused the Commission of improperly colluding with a political group by handing over documents related to its investigation into a price-fixing conspiracy involving eight Austrian banks.

But the court found that Austrian political group the Freedom Party had a legitimate interest in the case,...
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