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Article: CARTELS : ECJ CONFIRMS LOMBARD CLUB' FINES.(European Court of Justice)(Brief article)
- Article from:
- European Report
- Article date:
- December 15, 2006
CopyrightCOPYRIGHT 2006 Europolitics. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The EU Court of Justice has upheld seven of the cartel fines imposed on eight Austrian banks in 2002, reducing only one.aThe banks involved (the so-called Lombard Club), while not contesting their involvement, had asked for annulment or reduction of fines because of alleged errors in the Commission's reasoning.
The Court declined to annul the Commission decision. It found that the Commission was right to conclude that the agreements, taken as a whole, affected trade in the EU and did not have to prove this for each of the cartel meetings. The Commission was also right to judge the infringements as "very serious" and to set fines accordingly.
As for the ...