Topic: Financial services

UK appellate court affirms CAT’s decision to expand Merricks class action

A UK appellate court has upheld a ruling by the country’s specialist competition tribunal to allow Walter Merricks to seek damages from Mastercard on behalf of millions of people who died since he filed his opt-out damages claim against the credit card company in 2017.

29 November 2022

Fintech disrupting competitive landscape in banking sector, Treasury report says

The rise in upstart financial technology companies is putting competitive pressure on an increasingly concentrated banking industry, the Department of Treasury has said.

17 November 2022

Mastercard claims CAT had “ulterior” motive for expanding Merricks class action

Mastercard has accused the UK’s Competition Appeal Tribunal of being influenced by public interest considerations in allowing Walter Merricks to amend his multi-billion pound class action claim against the credit card company to include millions of additional claimants.

03 November 2022

SEC wary of index fund concentration

The US Securities and Exchange Commission is planning competition-focused rulemaking to ensure that rising concentration in financial markets is not harming consumers, the agency’s head has revealed.

26 October 2022

Australia taps new deputy chair for competition watchdog

The Australian Competition and Consumer Commission has a new deputy chair with the appointment of Catriona Lowe, who returns to the agency after serving in a host of regulatory positions.

19 October 2022

CAT rejects banks’ request for early ruling on limitation defences in UK forex claim

The UK’s Competition Appeal Tribunal has dismissed a request from several major banks accused of manipulating foreign exchange rates to hold a separate trial on their statute of limitation defences, finding that their arguments are not a “slam dunk” and would cause considerable delay to a parallel case.

12 October 2022

South African tribunal grants interim measures in banking probe

The Competition Tribunal of South Africa has ordered some of the country’s biggest banks to reopen and refrain from closing accounts with a black-owned business after the latter accused the financial institutions of collusion and abuse of dominance.

22 September 2022

Swiss enforcer lifts interim measures on Mastercard

Switzerland’s Competition Commission has lifted interim measures it imposed on Mastercard in an abuse of dominance probe after a local court suspended them for being disproportionate and unnecessary.

26 August 2022

Visa and Mastercard hit with interim measures in LatAm fintech probe

Colombia’s antitrust enforcer has joined a Chilean court in ordering Visa and Mastercard to stop threatening sanctions on banks that use rival transaction processing services to simplify international payments and save on hefty fees.

01 August 2022

Portugal accuses SIBS of market foreclosure through tying

Portugal’s antitrust enforcer has accused the country’s largest interbank network of abusive tying, four years after first warning that the scheme could be hindering the development of the national fintech market.

29 July 2022

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