Thursday, June 29, 2006

MasterCard Charged Over Antitrust Rules (Financial Times)

By Tobias Buck in Brussels, Financial Times, Published: June 29 2006

The credit card group Master­Card has been formally charged by the European Union's top antitrust regulator, accused of breaking its rules by restricting competition between banks.

It is the latest escalation in a long-running antitrust battle between the European Commission and the credit card industry, and is the second time MasterCard has received antitrust charges from Brussels. It follows the Commission's attack on groups such as Visa and MasterCard in April, when Neelie Kroes, the EU competition commissioner, accused them of making "outrageous" profits and operating a "closed shop."

[Source: Financial Times - Subscription required]