Topic: Financial Services

UK’s Payment Systems Regulator issues first-ever antitrust decision

Mastercard and four other prepaid card issuers have been fined more than £33 million after they admitted to colluding to share the market and allocate customers in the UK prepaid welfare card sector for six years.

18 January 2022

Mastercard and Merricks squabble over class definition

Walter Merricks has asked the UK’s specialist competition tribunal to expand his class action against Mastercard to include representatives of people who had a valid claim for damages but died in the five years since the case began.

14 January 2022

Fifth Circuit contemplates revival of Visa suit

A Texas federal court judge’s apparent disdain for antitrust law and antitrust plaintiffs warrants the reinstatement of Pulse Network’s tying claims against Visa, counsel for Pulse has argued.

06 January 2022

UK court expresses frustration at banks in forex litigation

An English judge has questioned if defendant banks in a UK damages claim alleging illegal collusion in the foreign exchange rate market have brought the country’s legal system into disrepute by allowing a lower court judge to misunderstand the nature of their defence.

09 December 2021

Investment funds seek to overturn banks’ pass on defence in UK forex claim

A group of investment and pension funds have argued that a UK court incorrectly went against established legal precedent when ruling that banks accused of illegally colluding to manipulate foreign-exchange rates can claim that the funds passed on losses from the conduct to investors.

08 December 2021

French court quashes cheque-processing cartel fines for a second time

A French appellate court has again overturned fines imposed on 10 banks for agreeing to raise cheque processing charges, ruling that the country’s antitrust authority failed to prove the existence of any by-object infringement.

07 December 2021

EU ends forex cartel probe with hybrid settlement decision

The European Commission has fined UBS, Barclays, Royal Bank of Scotland, HSBC and Credit Suisse a total of €344 million as part of a hybrid settlement decision, after traders at the banks unlawfully colluded to share information about foreign-exchange deals.

02 December 2021

Banks challenge legality of South African forex referral

Several banks that allegedly fixed foreign exchange rates have accused South Africa’s competition enforcer of unlawfully including them in a referral to the country’s specialist competition tribunal when seeking fines against the companies.

29 November 2021

Russia launches abuse probe into Apple

Russia’s competition enforcer has launched a full-scale abuse of dominance investigation into Apple, after the company failed to remove an anti-steering clause from contracts with application developers.

27 October 2021

Financial data deal highlights sharp decline in EU Phase I conditional approvals

The European Commission has approved the $44 billion merger between financial data providers S&P Global and IHS Markit with structural remedies, marking only its fifth Phase I conditional clearance this year.

25 October 2021

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