The Court of First Instance (CFI) has upheld most of the collective €124.26 million fine the Commission imposed in 2002 on eight Austrian banks that participated in the “Lombard Club” cartel. Without denying their participation in the cartel, the banks requested that the CFI annul the Commission’s decision on the grounds that certain aspects of the assessment made by the Commission were incorrect. The CFI confirmed the Commission’s classification of the cartel as “very serious,” adding that the gravity of the infringement was accentuated by its scale and the importance of the banking sector to the Austrian economy. With respect to one bank, however, the CFI reduced the fine imposed from €7.59 million to €3.795 million because of a lack of evidence regarding the bank’s market share.