German banks may face EC wrath
NEWS
BRUSSELS -- Four German banks may be fined by the European Commission over allegations of forex price fixing.
Although the EC would not comment, reports suggested that Dresdner Bank, Commerzbank, Hypovereinsbank and Deutsche Verkehsbank, an arm of DG Bank, agreed to fix charges made to the public for exchanging eurozone currencies. The cartel was allegedly formed to recover revenues lost due to the disappearance of the 11 legacy currencies at the euro’s launch on January 1, 1999.
The allegations
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