The European Court of Justice dismisses an appeal by four Austrian banks against a CFI judgment, in which it upheld a Commission decision that fined eight banks a total of € 124.26 M for their participation in a series of illicit agreements in the banking sector (Lombard club cartel)

On 24 September 2009, the ECJ dismissed in its entirety an appeal by four Austrian banks against a CFI judgment of December 2006, in which the CFI largely upheld a Commission decision of June 2002 that fined eight Austrian banks a total of € 124.26 million for their participation in a series of illicit agreements in the Austrian banking sector. The cartel, which was known as the “Lombard club”, involved the fixing of deposit, lending and other rates of interest and fees by a large number of banks in Austria. The banks fined by the Commission brought an action before the CFI for annulment of the Commission’s decision or a reduction of the fines. In its judgment, the CFI affirmed the Commission’s decision regarding its assessment of the cartel and upheld all but one of the fines imposed.

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  • Van Bael & Bellis (Brussels)

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Richard Burton, The European Court of Justice dismisses an appeal by four Austrian banks against a CFI judgment, in which it upheld a Commission decision that fined eight banks a total of € 124.26 M for their participation in a series of illicit agreements in the banking sector (Lombard club cartel), 24 September 2009, e-Competitions Bulletin September 2009, Art. N° 41739

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