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MasterCard says to appeal EU court fees ruling

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05/24/2012 | 04:02pm CET

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.
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Financials ($)
Sales 2017 17 742 M
EBIT 2017 11 905 M
Net income 2017 7 897 M
Debt 2017 12 932 M
Yield 2017 0,74%
P/E ratio 2017 26,70
P/E ratio 2018 23,04
EV / Sales 2017 12,3x
EV / Sales 2018 11,2x
Capitalization 205 221 M
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Mean consensus OUTPERFORM
Number of Analysts 37
Average target price 97,8 $
Spread / Average Target 11%
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Managers
NameTitle
Alfred F. Kelly Chief Executive Officer & Director
Ryan McInerney President
Robert W. Matschullat Chairman
Vasant M. Prabhu Chief Financial Officer & Executive Vice President
Rajat Taneja Executive Vice President-Technology
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