South Korea’s anti-trust body said on Thursday it had decided to impose a combined 10 billion won ($9.70 million) in fines on 11 local banks for purported fee-fixing by their in-house credit card operations.
The move came after retailers, including a unit of U.S. Wal-Mart Stores Inc. and the country’s largest discounter E-Mart Co., complained to the Fair Trade Commission (FTC) last year over alleged collusion on credit card transaction fees.
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