The paper goes in face upwards, you say?

by Volker Weber

The European Court of First Instance ruled in favour of five German banks which had been fined a total of €100m by the EC. In 2001 they had been found guilty of running a cartel to fix foreign currency exchange rates ahead of the introduction of the euro. The companies - Dresdner Bank, Commerzbank, HVB, Beursche Verkehrsbank and Vereignsund Westbank - appealed this decision, and their case was concluded yesterday.

According to the Financial Times, the European Court of First Instance overturned the fine because an EC lawyer who attempted to fax a 100-page document outlining the Commission's case had accidentally placed it face upwards in the fax machine. This error meant the court received one hundred blank pages, and the actual document was not received in time. With no other legal argument from the EC, the court had to rule in favour of the five banks.

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And I bet he printed the documents five minutes earlier just to fax them.

Oliver Regelmann, 2004-10-18

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