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Ius Omnibus has filed class actions against Portuguese banks for anti-competitive practices, resulting in 225 million euros in fines.
The Ius Omnibus association has launched multiple class actions against banks in Portugal for allegedly violating competition rules in the credit market over a decade, known as the "banking cartel." The Competition Authority imposed fines totaling 225 million euros on more than a dozen financial institutions, including major banks like Caixa Geral de Depósitos (CGD), BCP, Santander, BPI, and the former BES, for anti-competitive practices that harmed consumers between 2002 and 2013. These fines are being contested by the banks.
Last week, Ius Omnibus filed five actions in the Competition, Regulation, and Supervision Court of Santarém, where the "banking cartel" is being tried, according to the Ministry of Justice's Citius portal. In 2019, the Competition Authority accused 14 banks in Portugal of exchanging sensitive information about loan spreads or amounts granted the previous month, harming families and businesses. Ius Omnibus has also pursued cases against EDP, Super Bock, Meo/Nowo, TikTok, Sony (PlayStation), Apple, Google, and Mastercard.
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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.
