According to Le Monde, September 21, 2010, The Competition Authority has made public Monday, September 20, its decision to impose sanctions on eleven major French banks, amounting to 384.9 million Euros, for having set, “in concert”, interchange fees on check processing that were not justified between 2002 and 2007.
…The fine imposed on banks set a record in this arena, which was already convicted in 2000 for an anti-competition agreement on real estate loans (174.5 million Euros). This is the third largest penalty handed out by the Competition Authority, after the fines on mobile phone operators in 2005 (534 million) and the steel-trading cartel in 2008 (575.4 million)….
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Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information:
Book title: Euro Exit: Why (and How) to Get Rid of the Monetary Union.
Contributors: Jean-Jacques Rosa - Author.
Publisher: Algora.
Place of publication: New York.
Publication year: 2012.
Page number: 79.
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