Topic: Financial Services

Finland clears cash handling deal with behavioural commitments

Finland’s competition enforcer has cleared a vertical merger between cash handling company Loomis and bank machine operator Automatia, subject to the merged entity granting rivals access to its cash points and other services.

15 October 2020

CADE settles with bank over alleged fintech app abuse

Bradesco, one of Brazil’s biggest banks, has agreed to pay a €3.6 million fine and committed to sharing customer data with a financial technology app to end an abuse of dominance investigation.

14 October 2020

Ex-JPMorgan trader receives eight-month sentence

Former JPMorgan Chase trader Akshay Aiyer has been sentenced to eight months in federal prison following his conviction on one count of conspiring to fix prices and rig bids for certain currencies.

18 September 2020

Lloyds caught bundling loans and bank accounts during pandemic

The UK’s competition enforcer has censured Lloyds Banking Group for unlawfully making small business owners open business bank accounts to access a coronavirus-related government loan scheme.

08 September 2020

Antitrust Division forms compliance and conduct shops

The Department of Justice’s antitrust division has created a new section focused on compliance with consent decrees and is finalising a task force responsible for enforcing civil conduct.

21 August 2020

EU requires tech licence transfer in Mastercard/Nets deal

The European Commission has allowed Mastercard to purchase the account-to-account payments business of Nets, provided the companies divest a licence to the latter’s payment infrastructure technology on a global basis.

18 August 2020

Fortnite launches battle royale against Apple and Google

Epic Games has filed a pair of lawsuits accusing Apple and Google of illegally maintaining monopolies over the distribution of apps and app payments on their respective mobile platforms.

17 August 2020

Ex-Citibank trader wins unfair dismissal claim but loses on rehiring plea

A UK employment tribunal has refused to reinstate a former Citibank foreign exchange trader acquitted of rigging forex rates, despite admonishing the bank for its “complete and utter failure” to follow a proper dismissal procedure.

11 August 2020

Aluminium warehouse plaintiffs denied class cert

Plaintiffs alleging that Goldman Sachs, JPMorgan and Glencore conspired to manipulate prices of aluminium cannot establish they suffered common antitrust injury, a New York federal court has ruled in denying class certification.

27 July 2020

Municipal bond upstart sues rival over alleged boycott

Municipal bond investor Preston Hollow has sued larger rival Nuveen in New York federal court for allegedly coordinating a boycott of the company by major banks.

22 July 2020

Get unlimited access to all Global Competition Review content