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

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