EU Won't Give MasterCard More Time To Abolish Fees

Law360, New York (June 4, 2008, 12:00 AM EDT) -- The European Commission has denied MasterCard Inc. an extension on the June 21 deadline to comply with the commission's order that it abolish its interchange fees, a representative of the company said Wednesday.

MasterCard said in a statement that it would "take steps that we believe will comply with the commission's order." It said that it was still communicating with the commission about how it will comply.

The EC ruled Dec. 19 that by imposing multilateral interchange fees for cross-border payment card transactions on its MasterCard-...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.