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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.