Law360, New York (July 31, 2012, 5:31 PM ET) -- The European Commission accused Visa Inc. on Tuesday of hindering competition among banks by setting interchange fees for cross-border credit card transactions in Europe in the wake of a court ruling backing the antitrust watchdog's ban on similar fees from MasterCard Inc.
The EC cited the May MasterCard ruling as it sent Visa a supplemental statement of objections raising concerns that Visa's multilateral interchange fees were keeping banks from fully competing on credit card prices by fixing costs for all acquiring banks. The result appeared to...
EU Targets Visa For Fixing Interchange Fees
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