12 Bank Interest Refund (3 Times Cartel Compensation) Lawsuit

Lawsuit for Bank Interest Refund (3 Times Cartel Compensation) Against 12 Banks:

The Competition Authority, as a result of the investigation conducted to determine whether twelve banks operating in Turkey violated Article 4 of the Law No. 4054 on the Protection of Competition (LKPK) by engaging in agreements and/or coordinated actions in the fields of deposit, credit, and credit card services, decided in its final decision dated 08.03.2013 and numbered 13-13/198-100 that the twelve banks violated Article 4 of the LKPK in these service areas.

As per the decision of the Competition Authority regarding the common interest rate increases by the banks on housing, consumer, and vehicle loans, a compensation lawsuit can be filed.

Banks Involved:

1. Akbank T.A.Ş. (AKBANK)
2. Denizbank A.Ş. (DENİZBANK)
3. Finans Bank A.Ş. (FİNANSBANK)
4. HSBC Bank A.Ş. (HSBC)
5. ING Bank A.Ş. (ING)
6. Türk Ekonomi Bankası A.Ş. (TEB)
7. Türkiye Garanti Bankası A.Ş. (GARANTİ), (Garanti Payment Systems A.Ş. (GÖSAŞ) and Garanti Housing Finance Consulting A.Ş. (GKFD))
8. Türkiye Halk Bankası A.Ş. (HALKBANK)
9. Türkiye İş Bankası A.Ş. (İŞ BANKASI)
10. Türkiye Vakıflar Bankası T.A.O. (VAKIFBANK)
11. Yapı ve Kredi Bankası A.Ş. (YKB)
12. T.C. Ziraat Bankası A.Ş. (ZİRAAT)

The Competition Authority determined that these 12 banks formed a cartel (coordinated actions/settlement) between 21.08.2007 and 22.09.2011.

Which Bank Services are Covered by the Cartel Compensation Lawsuit:

According to the decision of the Competition Authority, these 12 banks created a cartel in the areas of deposits (including public deposits for state banks), credit, and credit card services.

Who Can File the 3 Times Compensation Lawsuit:

Anyone who benefited from deposit, credit, and credit card services from 21.08.2007 to 22.09.2011.

• Consumers
• Traders
• Public institutions (especially regarding public deposits)

Periods When the Cartel was Formed:

Between 21.08.2007 and 22.09.2011, the above-mentioned 12 banks artificially increased interest rates by forming a cartel. If you received deposit, credit (housing, consumer, vehicle loans), or credit card services from any of these 12 banks during this period, you have the right to file a lawsuit for three times the compensation.

Statute of Limitations for the Cartel Compensation Lawsuit:

The statute of limitations for these lawsuits is 10 years. The last date to apply for loans taken in 21.08.2007 is 21.08.2017.

How Much Difference Do the Cartel Interest Rates Show:

According to the Competition Authority's decision, the following cartel agreements (joint interest rate increases) were applied:

• Housing loans: 15 basis points (0.15%)
• Consumer loans: 10 basis points (0.10%)
• Vehicle loans: Between 5-20 basis points (0.5-0.20%)

There is no clear determination regarding deposit and credit card interest rates or other loans.

As per the decision of the Competition Authority, we can file a compensation lawsuit for the joint interest rate increase applied by the banks on housing, consumer, and vehicle loans.

Who Can File the Cartel Compensation Lawsuit:

Individual customers who took loans from banks, traders, and public institutions with legal personality can file a cartel lawsuit.

Conclusion:

To file a compensation lawsuit, if you took housing, consumer, or vehicle loans from these banks between 21.08.2007 and 22.09.2011, you have the right to claim compensation for the difference in high interest rates applied by the colluding banks, up to three times the amount of the difference. These cases are very detailed and require expertise. Therefore, to avoid any issues, it is essential to seek legal consultation, and lawsuits should be filed through an attorney. We will continue to provide services to resolve your grievances in this matter.

Best regards,

Attorney Hüseyin Orkun ALSULU