Competition law: Supreme Court unexpectedly clears the way for damages claims against the banks.

The Supreme Court upheld the judgment of the Administrative District Court permitting a ca.EUR 7.8 mio fine on 22 Latvian banks for violations of competition rules. The Supreme Court ruled contrary to the findings of the Court of Justice of the European Union's MasterCard judgment. The CJEU found that the banks' prohibited agreement was that of the effects. The Supreme Court found an agreement of object between the banks. The banks are now facing notable fines and potential damages claims. Claimants have launched such claims before courts in other EU Member States and the U.S. For more information in Latvian, please see our INSIDER.

by Jūlija Jerņeva, Partner, Latvia

Related Lawyers

Gints Vilgerts

Partner, M&A

+371 29 107 768

gints.vilgerts@vilgerts.comEmail

Jūlija Jerņeva

Partner

+371 29 131 597

julija.jerneva@vilgerts.comEmail

Related Experience

Conducting a competition training for the management and employees of a major construction company.

Advising a major construction company in relation to the Competition Council’s cartel investigation.

Providing legal assistance to one of the largest Latvian glass manufacturers in a cross-border dispute with Italian company regarding the delivered goods. On 26 June 2019 the court satisfied client’s request to ensure the claim by seizing the debtor’s financial means in Italy.

Representing a marine insurance company in litigation against a Latvian retailer regarding the retailer’s failure to pay for the delivered goods according to United Nations Convention on Contracts for the International Sale of Goods.

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