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The Portuguese "bank cartel" case involves significant fines and potential indemnities for major banks accused of anti-competitive practices.
The "bank cartel" case in Portugal has garnered significant attention as it involves potential fines and indemnities worth millions of euros for the country's largest banks, including CGD, BCP, Santander, BPI, and the former BES. The Portuguese Competition Authority accused these banks of exchanging sensitive information, allowing them to know each other's offers in detail, particularly spreads and previous month's values. This practice hindered competition, adversely affecting families and businesses by discouraging other banks from offering better conditions to customers.
As a result, the Competition Authority imposed a fine of 225 million euros, although the final decision is pending from the European Court of Justice, with the case currently suspended in the Santarém Court awaiting this decision. The situation has escalated with a consumer association, Ius Omnibus, filing for indemnities that could reach up to 6 billion euros. Over the past two months, three lawsuits have been initiated to compel banks to compensate families and businesses for the competitive restrictions imposed.
Additionally, the Association of Micro, Small, and Medium Enterprises has also recently filed a lawsuit with similar aims. If successful, affected families and businesses can claim their share of the indemnities, provided they submit their claims and prove they had loans with the banks during the relevant period.
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Ius Omnibus is a consumer association registered with the Portuguese Directorate General for Consumers and appointed by the Government to the Portuguese Advisory Council on Consumers and is a qualified entity listed by the European Commission under the Representative Actions Directive.
