Topic: Financial Services

CAT allows Italian interchange fee claimants to use English law

The UK’s Competition Appeal Tribunal has allowed a group of Italian claimants seeking damages from Visa and Mastercard for implementing allegedly anticompetitive interchange fee schemes to base the majority of their claims on English law.

08 June 2021

CMA confirms “less onerous” remedy for investment platform deal

The UK’s Competition and Markets Authority has concluded that FNZ’s completed acquisition of GBST will substantially reduce competition after confirming its provisional decision to unwind the tie-up while allowing FNZ to buy back some of those assets at a later date.

04 June 2021

JPMorgan contests settlement disclosure request in Australian cartel case

JPMorgan has pushed back against claims that its discussions with the Australian Competition and Consumer Commission and the country’s financial regulator during the course of leniency negotiations should be disclosed to banks fighting cartel charges in a landmark case.

01 June 2021

EU readopts ICAP cartel decision but cuts fine

The European Commission has readopted its decision against ICAP for its alleged role in a conspiracy to manipulate the market for yen interest rate derivatives but slashed the fine it imposed on the broker by €8 million.

28 May 2021

Banks fight over disclosure in landmark Australian cartel case

ANZ has urged an Australian court to grant it unredacted access to important communications between the country’s competition and financial watchdogs about leniency applicant JPMorgan, as the bank looks to rebut charges it participated in a criminal cartel.

27 May 2021

EU fines government bonds cartel

The European Commission has fined UBS, Nomura and UniCredit a combined €371 million for illegally exchanging information relating to auctions for European government bonds, although it was unable to sanction four other banks that also participated in the cartel.

20 May 2021

UK tribunal must hear second-wave of interchange disputes, Mastercard argues

Mastercard has asked the UK’s specialist competition tribunal to assess its multilateral interchange fee scheme in its true economic and legal context, warning that a failure to do so would be an “error of law”.

14 May 2021

Interchange fee scheme not an unlawful agreement, Visa’s counsel argues

Visa has told a UK court that its multilateral interchange fees are comparable to the rules that Apple sets for its App Store in an attempt to prove that the credit card company’s scheme does not breach laws that restrict anticompetitive agreements.

13 May 2021

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