Hungary Fines Visa, MasterCard $5.2M Over Fees

Law360, New York (September 24, 2009, 5:23 PM EDT) -- Credit card giants Visa Europe Ltd. and MasterCard Inc. have been fined by the Hungarian Competition Authority for allegedly conspiring with the country's major commercial banks to fix interchange fees.

The agency, known as the GVH, on Thursday announced fines of 477 million forints ($2.6 million) each against Visa and MasterCard. It also hit a dozen local banks — including Hungary's biggest commercial bank, OTP Bank — with total fines of 968 million forints ($5.2 million).

Both Visa Europe and MasterCard denied any wrongdoing and vowed...
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