Brazilian competition regulator CADE has announced it will settle its case against five major global financial institutions, collectively fining them 184 million reais (around $54 million USD), for taking part in a cartel which sought to manipulate international exchange rates.
The banks accused of manipulating the exchange rate of Brazil’s Real are Barclays Plc, Citicorp Deutsche Bank, HSBC Bank Plc and JPMorgan Chase & Co. These banks have been slapped with major fines over this same issue in Europe.
CADE’s press release confirms that all five entities have admitted to uncompetitive practices, and will be cooperating with CADE to reveal how they manipulated the exchange rates to be published in major international outlets, such as Reuters and the European Central Bank.
Full Content: Diario BAE
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Uruguayan Antitrust Scrutiny Puts Major Meatpacking Deal Between Marfrig and Minerva on Hold
May 19, 2024 by
CPI
Alaska Airlines Seeks Dismissal of Consumer Lawsuit Over $1.9 Billion Hawaiian Airlines Buy
May 19, 2024 by
CPI
Idaho Attorney General Orders Split of Kootenai Health and Syringa Hospital
May 19, 2024 by
CPI
Court Rejects T-Mobile’s Appeal Bid in Antitrust Case Over Sprint Merger
May 19, 2024 by
CPI
Google Requests Judge, Not Jury, to Decide on Antitrust Case
May 19, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI