The Court of Justice of the European Union (CJEU) has affirmed the Portuguese Competition Authority's (AdC) decision regarding the exchange of sensitive information among 14 banks in the 'Banking Case,' deeming it a restriction of competition by object.

The CJEU's judgment establishes a significant precedent in competition law by recognizing the standalone offense of exchanging sensitive information, particularly in markets with high concentration and entry barriers.

The case dates back to 2019 when the AdC fined the banks a total of 225 million euros for engaging in a concerted practice of sharing sensitive commercial information over more than a decade, including details on credit products like mortgage loans, consumer credit, and business credit.

Following the AdC's decision, appeals were lodged against the ruling, with 12 appeals filed, including one by Barclays, the leniency applicant disputing the fine amount they were exempted from paying, while Banif and BES did not appeal.