Europe’s highest court has upheld a ban on credit card fees set by MasterCard Inc., dealing a defeat to the credit card company and its lawyers at Jones Day.
In a ruling issued on Thursday, the Court of Justice of the European Union upheld a determination by the European Commission that MasterCard violated antitrust laws by imposing so-called interchange fees on cross-border transactions. The commission has argued that cross-border interchange fees—small charges paid by a merchant’s bank if the merchant accepts payment by credit card or debit card—drive up costs for merchants and stifle competition between banks that issue MasterCard-branded credit cards.
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