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.

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.