Summary:
Lisbon Court of Appeal declared the €225 million fines against major banks prescribed.
Banks were found guilty of sharing spreads information for over ten years.
The Competition Authority may appeal the ruling to the Constitutional Court.
Major Legal Decision in Banking Sector
The Lisbon Court of Appeal has ruled that the case against leading Portuguese banks, which faced €225 million in fines for violating competition laws, is now prescribed. This decision comes after the banks were found guilty in September for sharing information on spreads for over a decade, affecting loans for housing, consumption, and businesses.
While the ruling annulled the previous convictions, the Competition Authority is considering taking the case to the Constitutional Court for further examination. This significant legal development raises questions about the future of competition regulations in Portugal's banking sector and the implications for consumers.
This ruling not only impacts the banks involved but also highlights ongoing concerns regarding market practices and consumer rights in Portugal.
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