MasterCard To Pay $3M In NZ Interchange Fee Suit

Law360, New York (August 24, 2009, 5:20 PM EDT) -- The New Zealand Commerce Commission and MasterCard International Inc. have signed an agreement to settle claims that the company's domestic interchange fee structure violated New Zealand competition laws, with MasterCard agreeing to pay $3 million of the commission's costs in bringing the suit.

The commission issued a news release Monday announcing that MasterCard will alter its interchange fee system in New Zealand by allowing credit card issuers to individually set the interchange rates that will apply to transactions using their credit cards, subject to maximum rates...
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