Visa Europe Chastised Over 'Anti-Competitive' Fees

Law360, New York (April 6, 2009, 12:00 AM EDT) -- Amid an ongoing investigation into whether Visa Inc. engaged in price-fixing, Europe's antitrust watchdog said Monday it had sent a statement of objections to Visa Europe Ltd. alleging that fees the credit card company charges on cross-border transactions violate European Union competition rules.

The European Commission said it informed Visa Europe — which is Visa Inc.'s exclusive licensee in Europe — on Friday that the multilateral interchange fees, or MIFs, set directly by the company restrict competition between banks for accepting consumer payment cards “without benefiting...
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