Ius Omnibus has been following the recent parliamentary debate and public statements regarding the case known as the “Banking Cartel”, following the hearings before the Parliamentary Committee on Budget and Finance and the views expressed by representatives of the Portuguese Banking Association (APB).
The debate concerns the case being investigated by the Competition Authority (AdC) regarding the exchange of sensitive commercial information between several banks on credit terms over an extended period. The banks deny that the exchange of this information caused harm to households and businesses.
Although the fines imposed in the case were subsequently annulled due to the expiry of the limitation period, the public debate highlights the significance of the competition issues raised by this case and their potential impact on consumers.
In January 2024, Ius Omnibus brought five class actions before the Court of Competition, Regulation and Supervision in Santarém, seeking compensation for consumers for the damages allegedly caused by twelve banks involved in the cartel. The practices in question consisted of the exchange of sensitive information on spreads and other commercial terms relating to mortgage loans, consumer credit and SME credit between 2002 and 2013.
These actions aim to ensure compensation for consumers for the additional costs incurred on loans and for other market distortions associated with the practices under investigation, with damages estimated at several billion euros.