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Lombard Club banks refute EC's market share assessment in cartel fine

By Duncan Lumsden ( March 13, 2008, 15:31 GMT | Insight) -- Austrian banks implicated in a nationwide 'Lombard Club' cartel in the 1990s today claimed the European Commission was wrong to make several 'lead institutions' effectively responsible for the part their local cooperative members played in the price-fixing. The commission had also understated the banks' cooperation in the investigation and ignored that this was, originally, a state-sanctioned arrangement.Luxembourg -- Austrian banks implicated in a nationwide 'Lombard Club' cartel in the 1990s today claimed the European Commission was wrong to make several 'lead institutions' effectively responsible for the part their local cooperative members played in the price-fixing....

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