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MasterCard says to appeal EU court fees ruling

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05/24/2012 | 04:02pm CEST

LUXEMBOURG (Reuters) - MasterCard said it plans to appeal against a decision by Europe's second-highest court to dismiss its legal challenge to an EU ban on its cross-border credit card fees.

The Luxembourg-based General Court upheld a 2007 decision by the European Commission 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.

"It is our intention to appeal as soon as we've analysed the more than 60-page judgment," MasterCard President Javier Perez said in a statement on Thursday. "We will likely continue to discuss with the Commission what would be the best way forward."

For the time being, MasterCard will continue to apply reduced cross-border fees imposed since 2009 in a bid to avoid penalty payments for not complying with the 2007 decision, Perez said.

(Reporting by Foo Yun Chee, writing by Charlie Dunmore; editing by Rex Merrifield)

Stocks treated in this article : Mastercard Inc, Visa Inc.
Stocks mentioned in the article
ChangeLast1st jan.
MASTERCARD -0.39% 191.17 Delayed Quote.26.79%
VISA -0.46% 131.28 Delayed Quote.14.59%
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Financials ($)
Sales 2018 20 495 M
EBIT 2018 13 777 M
Net income 2018 10 462 M
Debt 2018 8 397 M
Yield 2018 0,63%
P/E ratio 2018 29,21
P/E ratio 2019 25,26
EV / Sales 2018 14,9x
EV / Sales 2019 13,4x
Capitalization 296 B
Chart VISA
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Visa Technical Analysis Chart | V | US92826C8394 | 4-Traders
Technical analysis trends VISA
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 36
Average target price 141 $
Spread / Average Target 7,1%
EPS Revisions
Managers
NameTitle
Alfred F. Kelly Chief Executive Officer & Director
Ryan McInerney President
Robert W. Matschullat Independent Chairman
Vasant M. Prabhu Chief Financial Officer & Executive Vice President
Rajat Taneja Executive Vice President-Technology
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VISA14.59%296 287
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