As she had warned earlier, Antitrust Authority director general Ronit Kan today issued a civil ruling against Israel's five largest banks - Bank Hapoalim (LSE: 80OA; TASE: POLI), Bank Leumi (TASE:LUMI), Israel Discount Bank (TASE:DSCT), First International Bank of Israel (TASE:FTIN1; FTIN5), and Mizrahi Tefahot Bank (TASE:MZTF) for colluding over fees.
Kan's suit follows the breakdown of negotiations between the Antitrust Authority and the banks over a settlement in which the banks would have agreed to pay a fine of NIS 290 million.
On January 13, "Globes" first reported that Kan had offered the banks the fine regarding the collusion over fees. She threatened that if they did not agree to pay the fine she would issue the civil ruling, which can be use as evidence in court and serve as a winning card in a potential class action case.
Published by Globes [online], Israel business news - www.globes-online.com - on April 26, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009