Reuters: Regulatory News: MasterCard loses challenge against EU fees ruling

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MasterCard loses challenge against EU fees ruling May 24th 2012, 07:46 LUXEMBOURG | Thu May 24, 2012 3:46am EDT LUXEMBOURG May 24 (Reuters) - Europe's second-highest court on Thursday threw out MasterCard's challenge against an EU ban on its cross-border credit card fees. The European Commission said in its December 2007 decision that MasterCard's cross-border multilateral interchange fee (MIF) levied on retailers' credit and debit card transactions breached EU antitrust rules and had to be changed. The world's second-largest credit and debit card network then took its case to the Luxembourg-based General Court. "The General Court confirms the Commission's decision prohibiting the multilateral interchange fees applied by Mastercard," judges said. "The methods of setting the MIF tended to overestimate the costs borne by the financial institutions on issuing payment cards and, moreover, inadequately to assess the advantages which merchants derive from that form of payment."

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