The Portuguese Court of Justice has dismissed the Competition Authority's appeal, confirming the annulment of 225 million euro fines against major banks involved in a cartel.

The court refused to assess whether the Lisbon Court of Appeal's decision was constitutional or compliant with EU law, stating that the Competition Authority's claim was not suitable for constitutional review.

This case concerns a bank collusion from 2002 to 2013, where banks exchanged information via phone and email to manipulate spreads and credit volumes, violating competition laws.

Evidence demonstrated that banks conspired with the knowledge and approval of their management, exchanging information on spreads and credit volumes to manipulate the market.

Known as the 'cartel da banca,' the case was confirmed by the Competition Authority in 2019, which imposed fines on the involved banks.

The case highlights ongoing conflicts between national courts, the European Court of Justice, and the Competition Authority regarding the interpretation of competition law and procedural issues.

Barclays was the only bank not fined, as it acted as the whistleblower, though it was still condemned.

Despite being condemned, Barclays did not pay a fine due to its role as a whistleblower in the case.

The Competition Authority emphasized that it did everything possible to sanction the infractions, which were confirmed by multiple judicial instances, including the European Court of Justice.

The AdC affirms that it did all it could to secure convictions for the cartel, despite the court's decision, citing validation of its accusations by lower courts and the European Court of Justice.