Resolution
The OFT released a 500-page statement which was summed up thus:
| “ | This regular and systematic exchange of confidential information as to intended fee increases was anti-competitive and resulted in parents being charged higher fees than would otherwise have been the case. | ” |
All the schools involved were given fines of only £10,000 each for their infringement (out of a possible 10% of total income) but together agreed to pay £3 million into a trust fund aimed to benefit the pupils attending the schools during the period involved ; it has been stressed that the trust fund is not a fine. The schools will pay equal instalments, finishing in 2010, totalling around £70,000 each. Eton and Winchester obtained 50% cuts in fines in return for co-operation in the investigation of other schools.
Read more about this topic: Independent School Fee Fixing Scandal
Famous quotes containing the word resolution:
“The changes in our life must come from the impossibility to live otherwise than according to the demands of our conscience ... not from our mental resolution to try a new form of life.”
—Leo Tolstoy (1828–1910)
“It is a part of the American character to consider nothing as desperate; to surmount every difficulty by resolution and contrivance.”
—Thomas Jefferson (1743–1826)
“The passions do very often give birth to others of a nature most contrary to their own. Thus avarice sometimes brings forth prodigality, and prodigality avarice; a man’s resolution is very often the effect of levity, and his boldness that of cowardice and fear.”
—François, Duc De La Rochefoucauld (1613–1680)