Visa, Mastercard Lose Fee Antitrust Appeals At Top UK Court

Law360, London (June 17, 2020, 10:33 AM BST) -- The U.K.'s highest court ruled on Wednesday that credit card giants Visa and Mastercard set fees at an unlawful level which restricted competition, upholding a judgment in favor of some of the country's biggest retailers.

The Supreme Court backed a ruling by the lower court from 2018 that found swipe fees set by Visa and Mastercard breached EU antitrust rules. (AP) The Supreme Court affirmed a lower court ruling from 2018 that found so-called multilateral interchange fees, or MIFs, set by Visa and Mastercard breached European Union antitrust rules by illegally restricting competition in the acquiring market.

The fees are bank-to-bank...

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