E.C. Targets France In Credit Card Inquiry

Law360, New York (July 20, 2006, 12:00 AM EDT) -- Turning up the heat in its investigation into alleged collusion in the bank card industry, the European Commission fired off a new warning Thursday to nine French banks that issue credit cards, claiming they kept competitors from offering less expensive cards.

The Commission accused the banks of entering into an agreement to establish high fees for other banks that are looking to break into the credit card market.

Banks offering new cards were charged a $15 fee for each card issued and were hit with another...
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