Visa Will Appeal €10.2M Fine

Law360, New York (October 5, 2007, 12:00 AM EDT) -- Visa International said Wednesday that it will appeal the €10.2 million fine imposed by the European Commission, which found that the credit card giant had violated competition laws by refusing to let investment bank Morgan Stanley join its membership network.

“We do not believe that Visa Europe infringed EU competition law,” said Visa Europe CEO Peter Ayliffe in a press release. “There is no value as a precedent to this decision.”

Ayliffe criticized the commission for pursuing the case after Visa had already settled with Morgan...
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