According to a report from the Wall Street Journal, Visa and Mastercard have offered to cap the fees charged on card payments made by tourists in the European Union to stave off fines and end an EU antitrust investigation. The European Commission announced both companies made offers to lower fees known as interregional interchange fees. […]
According to a report from Reuters, Visa and Mastercard have proposed lowering the fees merchants face when they accept payments from non-EU credit cards in a bid to settle a long-running EU antitrust investigation. Even after the reduction, such fees—which are paid by merchants when they accept card payments and are a lucrative source of […]
Visa, American Express, and Mastercard are among the payment companies that are the subject of an inquiry by Brazilian regulators. According to a report in Bloomberg citing the Brazilian Administrative Council for Economic Defense (CADE), the Brazilian regulators are looking to see if the credit card companies ran afoul of payment network rules. Bloomberg noted […]
Mastercard reportedly has lodged a protest with the US government over the use of nationalism by the government in India to promote a domestic payments network there. According to a Reuters exclusive, Mastercard told the Office of the United States Trade Representative (USTR) on June 21 that the prime minister “associated the use of RuPay […]
On Tuesday, September 18, Visa, Mastercard, and a number of US banks agreed to pay US$6.2 billion to settle a long-running antitrust suit brought by merchants over the fees they pay when they accept card payments, reported Reuters. Visa and Mastercard previously reached a US$7.25 billion settlement with the merchants in the case, but that […]
Credit card companies Visa and MasterCard set fees at an unlawful level that restricted competition, a London appellate court ruled Wednesday. The Court of Appeal confirmed two earlier rulings that the card charges , known as interchange fees, infringed EU competition law reported Bloomberg. The ruling, which also involved WalMart Stores’ Asda and Wm Morrison […]
According to a report by Bloomberg, a case between retailers and credit-card companies that has lasted five years reached a London appeals court Monday, April 16, that could determine the fates of lawsuits potentially worth billions. Retailers, which include Wal-Mart, Asda and Sainsbury, are arguing that some fees set by Visa and Mastercard are anti-competitive. […]
Quinn Emanuel Urquhart & Sullivan is seeking judicial review to challenge the Competition Appeal Tribunal’s (CAT) decision in the £14 billion (US$18.4 billion) Mastercard consumer claim. The law firm had filed an application in August with the CAT to appeal, but has now taken its case to the Court of Appeal and High Court. An […]
UK competition appeal court on Thursday, September 28, denied a consumer’s attempts to appeal a decision preventing him from bringing a £14 billion (US$18.7 billion) antitrust suit against Mastercard over credit card swipe fees. Former chief financial services ombudsman Walter Merricks had moved to appeal a UK competition court’s decision that the case couldn’t proceed […]
A federal judge in Washington, DC has rejected a bid by independent automated teller machine operators to block rules issued by Visa and Mastercard that the operators claim restrict competition by fixing ATM access fees. In a decision on Monday, Judge Richard Leon in US District Court for the District of Columbia rebuffed the operators’ […]