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UK Competition and Market Authority Shuts Down MasterCard and Visa Probes Following Approval of European Interchange Fees Regulation

Posted  05/12/15
A View from Constantine Cannon’s London Office By Yulia Tosheva and James Ashe-Taylor The UK Competition and Markets Authority (“CMA”) announced on Wednesday that it is closing its investigations into MasterCard’s and Visa’s multilateral interchange fees (“MIF”) on the grounds of administrative priorities. The CMA reached its UK domestic decision in light of the approval by the Council of the...

The Antitrust Week In Review

Posted  05/4/15
Here are some of the developments in antitrust news this past week that we found interesting and are following. American Express told it cannot enforce anti-steering rules against merchants.  Merchants unhappy with the fees American Express charges them may steer customers toward less expensive cards without fearing retaliation from the credit card company, Judge Nicholas Garaufis ruled in federal court in...

The Antitrust Week In Review

Posted  04/20/15
Here are some of the developments in antitrust news this past week that we found interesting and are following. Europe Challenges Google, Seeing Violations of Its Antitrust Law.  The European Union has formally accused Google of abusing its dominance in web searches, bringing charges that could limit the giant American tech company’s moneymaking prowess.  These are the first antitrust charges asserted against...

The Antitrust Week In Review

Posted  04/13/15
Here are some of the developments in antitrust news this past week that we found interesting and are following. Formal Charges May Be Next in Europe’s Google Antitrust Inquiry.  Although Europe’s antitrust investigation of Google has dragged on without a settlement for nearly five years, the internet giant’s breathing room may soon come to an end.  Margrethe Vestager, the European Union’s antitrust chief,...

The Antitrust Week In Review

Posted  04/6/15
Here are some of the developments in antitrust news this past week that we found interesting and are following. Antitrust and Other Inquiries in Europe Target U.S. Tech Giants.  European antitrust regulators are intensifying their scrutiny of giant American tech companies.  Not only is the European Union antitrust investigation into Google heating up, but additional European countries are looking into Facebook’s...

The Antitrust Week In Review

Posted  03/30/15
Here are some of the developments in antitrust news this past week that we found interesting and are following. Amex to Ask for Stay of Ruling Prohibiting Merchants From Promoting Other Cards.  American Express has announced that it will be seeking a stay of a ruling that could ban the company’s longstanding practice of prohibiting merchants from encouraging customers to pay with lower-cost cards.  Judge Nicholas...

UK Passes Consumer Rights Bill Introducing Opt-Out Antitrust Class Actions

Posted  03/26/15
A View from Constantine Cannon’s London Office By Richard Pike The United Kingdom announced today that the Consumer Rights Bill has passed its final legislative hurdle and has been adopted as the Consumer Rights Act 2015 – heralding a major overhaul of consumer protection law in the UK. Schedule 8 of the Act contains radical new provisions designed to boost private antitrust enforcement in the UK.  Most...

The Antitrust Week In Review

Posted  03/23/15
Here are some of the developments in antitrust news this past week that we found interesting and are following. Take Google to Court, Staff Report Urged F.T.C.  The Federal Trade Commission is facing renewed questions about its handling of its antitrust investigation into Google, after documents revealed that an internal report had recommended stronger action.  The 2012 report, from the FTC’s bureau of...

European Commission Fines London-Based Broker ICAP 14.9 Million Euros For Facilitating Yen Libor Cartels

Posted  02/9/15
A View from Constantine Cannon’s London Office By Yulia Tosheva and James Ashe-Taylor The European Commission (“EC”) has fined London-based ICAP, the world’s largest broker of interest-rate swaps, for facilitating bank cartels in the market for Yen-denominated interest rate derivatives. The EC already imposed heavy fines of 669 million euros on UBS, the Royal Bank of Scotland, Deutsche Bank, Citigroup...

European Commission Announces Agreement To Cap Interchange Fees For Card-Based Payments

Posted  01/7/15
A View from Constantine Cannon’s London Office By Yulia Tosheva and James Ashe-Taylor The European Commission has announced that the European Parliament and the European Council have reached a long-awaited political agreement on the Commission’s proposal for a Regulation on Interchange Fees for Card-based Payment Transactions. The Regulation will introduce maximum fees for four-party card schemes’...
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