EU Orders Repeal Of Tariffs By French Card Group

Law360, New York (October 17, 2007, 12:00 AM EDT) -- The antitrust division of the European Commission has ruled French credit card operator Groupement des Cartes Bancaires restricted competition by discouraging healthy credit card rates and keeping prices artificially high.

In a statement released Wednesday, the Commission said the group, whose board members are appointed from the major French banks, was violating EC Treaty rules by adopting measures that hinder competitive payment card prices in France, at the expense of consumers and retailers branching out into the financial services field.

The EC did not fine the...
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