On 2 December 2021, the Paris Court of Appeal overturned the 2010 decision of the French Competition Authority (“FCA”) fining eleven banks a total of € 384.9 million for agreeing on interbank fees during the transition to a new digital cheque processing system. As the Paris Court of Appeal noted in its judgment, to date, no other competition authority has ruled on a fee of the type at issue in these proceedings. The context At the time of the switch to the Euro in 2000, banks decided to modernise the cheque system and computerise their exchanges to reduce the time and costs allocated to manually process cheques. In this context, the FCA found that the main French banks had met and colluded to agree on the functioning of the new system. In particular, the FCA found that the banks agreed
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The Paris Court of Appeal overturns the 2010 decision of the Competition Authority, imposing a fine of € 384.9M on eleven banks for agreeing on interbank fees during the transition to a new digital cheque processing system (Banque de France, BPCE, Banque Postale ...)
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