<p>NEW YORK – Visa USA, Visa International and MasterCard International have filed an appeal to Judge Barbara S. Jones' ruling against the credit card giants' exclusionary rules. On October 9, Judge Jones sided with the Justice Department in finding Visa's bylaw 210(e) and MasterCard's Competitive Programs Policy anticompetitive. In the mixed ruling she did support the associations' governance structure. In a press statement Visa USA Vice President of Public Affairs Kelly Presta said that "the District Court itself recognized in its decision that consumers benefit from Visa products and it is the consumers who have chosen Visa over American Express." Visa and MasterCard will file briefs and make oral arguments before the Second Circuit. Both associations and the government have agreed to expedite proceedings. Earlier this month the associations filed a petition with the U.S. Supreme Court for review of class certification in another antitrust suit brought by a potential four million merchants led by Wal-Mart Stores Inc.</p>

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.