New Zealand Takes Action Over Interchange Fees

Law360, New York (November 10, 2006, 12:00 AM EST) -- New Zealand’s competition watchdog has rounded up Visa International and MasterCard International Inc. as well as 11 financial institutions in a legal action over alleged price-fixing of credit card fees.

The Commerce Commission said Friday it launched civil proceedings against the credit card companies and the institutions for allegedly fixing interchange fees.

“The Commission does not allege any collusion between Visa and MasterCard. The alleged price-fixing is between Visa and its shareholder financial institutions, and between MasterCard and its member financial institutions,” the Commission stated....
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