EU Competition Official To Advance Visa Antitrust Probe

Law360, New York (June 19, 2012, 2:48 PM EDT) -- The European Union's competition chief, Joaquin Almunia, said Tuesday he plans to advance an antitrust probe into Visa Europe Ltd.'s cross-border interchange fees on credit card and deferred debit transactions.

In a speech to the EU parliament, Almunia presented the European Commission's annual competition report and indicated that he would act soon to continue the watchdog's look into Visa's cross-border, or multilateral, interchange fees — bank-to-bank fees in which the bank for a merchant, such as a retail outlet or restaurant, pays the bank that issued...
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