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Associação Ius Omnibus has filed class actions against 11 banks in Portugal, seeking €5.5 billion for alleged cartel behaviour.
Associação Ius Omnibus has initiated five class actions against 11 banks operating in Portugal, accusing them in a case known as the "banking cartel" led by the Competition Authority. Despite the severity of the claims, the banking sector is preparing to vigorously oppose these lawsuits.
In a recent report, Banco Santander Totta has expressed skepticism about the likelihood of having to pay any compensation. The bank, along with the other implicated institutions, is required to answer to the Competition Court. The collective lawsuits demand a staggering €5.5 billion in total damages. Banco Montepio shares a similar stance, seeing no justification for the compensation sought.
The court has already decided to suspend one of these lawsuits pending the main trial, signaling a potentially lengthy legal battle ahead. As the banking industry braces itself for these challenges, it remains steadfast in its belief that the claims will not succeed.
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Ius Omnibus is a consumer association registered with the Portuguese Directorate General for Consumers and appointed by the Government to the Portuguese Advisory Council on Consumers and is a qualified entity listed by the European Commission under the Representative Actions Directive.
