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After becoming one of the first to issue a preliminary investigation into claims of foreign exchange market rate manipulation, Switzerland’s Competition Commission announced it is investigating eight lenders over the claims. According to reports, UBS, Credit Suisse Group, JPMorgan, Citigroup, Barclays and RBS are among the bodies being probed by the Commission. The authority also… Continue reading Switzerland: Authorities launch full-blown forex probe

A federal judge ruled last Friday that banks can face lawsuits over allegations they manipulated interest rate benchmarks, a decision that allows a class action against the lenders to proceed. US District Judge George Daniels will allow the lawsuits to proceed. A class action has been filed against some of the world’s largest banks, including… Continue reading US: Banks to face class action for market-rigging, but antitrust claims axed

Slovakia’s Supreme Court upheld a 2006 decision by the nation’s Antitrust Office that ordered six construction firms to pay fines for forming a cartel, a ruling that became valid March 20. The construction firms were found guilty of violating competition law by forming a cartel to rig the bidding process for highway contracts. The companies… Continue reading Slovakia: Supreme Court upholds 2006 construction cartel fines

Bulgaria is set to strengthen its competition policy as lawmakers announced Friday that new powers will be granted to the Commission for Protection of Competition. According to reports, the regulator will become somewhat of a mega-authority, and that draft legislation to establish the new powers are currently in a coordinated review process with the European… Continue reading Bulgaria: Competition authority powers expanded

The US Department of Justice Antitrust Division announced Friday it has introduced new policies to streamline parties’ ability to change or terminate old antitrust settlements, a move the authority said will lower costs and expedite the review process for such requests. According to reports, the changes, which are effective immediately, update policies that had not… Continue reading US: DOJ streamlines process to alter antitrust settlements

The European Commission is reportedly speaking with competitors within the Netherlands’ cable industry to inquire about the potential effects of Liberty Global’s planned acquisition of Dutch cable firm Ziggo. According to reports, the Commission is looking at whether the merger would affect only consumers in the Netherlands, as the nation’s competition authority has requested jurisdiction… Continue reading EU: Commission considers handing cable merger review down

The UK’s Serious Fraud Office announced Friday it has begun criminal proceedings against three former ICAP brokers for their alleged roles in the global LIBOR scandal, say reports. The brokers, which were once part of the world’s largest interdealer broker, are accused of manipulating the LIBOR benchmark rate. In a statement, the SFO said Darrell… Continue reading UK: Fraud Office charges former brokers in LIBOR-rigging suit

A New Jersey federal court has reportedly awarded service provider Continuant $20 million in damages, trebled to $60 million, after a nearly eight-year-long antitrust fight against telecommunications firm Avaya. According to reports, Avaya was accused of barring Continuant from providing telco maintenance services of Avaya products; Continuant claimed Avaya tried to squeeze the servicer out… Continue reading US: NJ awards Continuant $60M after 8 years of antitrust litigation

Reports say lawyers have been forced to adapt as they recognize significant changes within Canada’s competition policy since the Competition Bureau’s current Commissioner John Pecman was first appointed last June. Pecman has been serving as interim commissioner since the resignation of former commissioner Melanie Aitken. According to reports, since Pecman has taken the post, he… Continue reading Canada: Lawyers adapt as Competition Bureau tightens grip