Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Spanish Insurers win appeal against price fixing

Tue 12th Feb 2013
Spanish Insurers win appeal against price fixing

Audiencia Nacional, Spain's court of appeal for antitrust cases, has annulled the Spanish Competition Commission's €120 million fine imposed on 8 insurance companies allegedly involved in a price fixing cartel in Spain.

The case is particularly noteworthy due to this being the highest such fine ever imposed, and that it is rare fo rthe SCC to have such appeals overturned.

It was back in 2009 that the SCC ruled that 8 insurers had cluded to fix prices on building insurance: Asefa; Caser; Mapfre Empresas; Mapfre Re; Scor; Suiza Ibérica; Swiss Re, and Múnchener. The SCC declared that they had fixed prices through agreed prices lists over a period going back 6 years.

3 of the insurers : Caser, Scor and Múnchener – appealed the SCC's ruling to the Audiencia Nacional, which overruled the SCC's decision and revoked the previously imposed fines. The High Court, through parallel proceedings, concluded that there was insufficient evidence to prove that the insurers engaged in anticompetitive conduct.

However, the SCC has in turn appealled to Spain's Supreme Court to upfold the original ruling.

Comment on this Story

 
Be the first to comment on this Story !!

Related Partners

Recommended Items

Related Articles

Related Blogs

 
Use the hair extensions pretty curling styling spray to evenly spray on the hair wigs part that wants to highlight the hair extensions uk curl, then use the curling iron to start at the horizontal line behind the ear, and the human hair extensions uk single layer is rolled, and the handsome yet playful hairstyle is born.