"Ius Omnibus Association moves forward with popular action against banking cartel"

The consumer protection association, Ius Omnibus, recently initiated multiple legal proceedings against major banks in Portugal, accusing them of violating competition rules in the credit market for over a decade, commonly referred to as the "banking cartel."

The Competition Authority previously imposed fines totaling €225 million on over a dozen financial institutions, including prominent banks such as Caixa Geral de Depósitos (CGD), BCP, Santander, BPI, and the former BES. These fines were related to alleged anticompetitive practices that harmed consumers between 2002 and 2013. However, the banks contested these fines.

Ius Omnibus filed five collective actions last week in the Competition, Regulation, and Supervision Court of Santarém, where the "banking cartel" trial is ongoing. The association is actively pursuing these legal actions but has not disclosed specific compensation amounts until the court admits the cases.

In 2019, the Competition Authority accused 14 banks of exchanging sensitive information about loan spreads and amounts granted, creating an anticompetitive scheme that harmed families and businesses. In April 2022, the judge referred the case to the Court of Justice of the European Union (CJEU) to clarify its impact on customers, awaiting a final decision.

While Ius Omnibus refrains from commenting on ongoing legal actions, its previous lawsuits against major companies such as EDP, Super Bock, Meo/Nowo, TikTok, Sony (Playstation), Apple, Google, and Mastercard provide insight into the association's commitment to seeking justice for consumers allegedly affected by anticompetitive practices.

These legal endeavors underscore Ius Omnibus's commitment to protecting consumer rights, with the association estimating significant losses for consumers in various cases, seeking compensation for alleged infringements committed by large corporations.

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