MasterCard Hit With EU Antitrust Probe Into Card Fees

Law360, New York (April 9, 2013, 1:13 PM EDT) -- Europe's antitrust regulator said Tuesday it was investigating whether MasterCard Inc. violated competition laws by imposing bank-to-bank fees on foreign transactions and other rules that eventually drive up prices for consumers.

The European Commission said MasterCard may be restricting competition by using so-called interchange or interbank fees — charged by a customer's bank to a merchant's bank when a transaction is processed — on purchases made by non-European cardholders, like American tourists.

The regulator already banned MasterCard in 2007 from using the fees on many transactions...
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