The European Union on Thursday filed formal charges against MasterCard Inc., accusing the company of violating the bloc’s antitrust laws by artificially raising the cost of card payments.
The charges, which follow a two-year investigation, are the latest step in a series of legal battles between the EU and U.S.-based credit-card companies over fees. A parallel EU investigation into Visa Inc.’s card fees, opened three years ago, is ongoing.
The probes could lead to fines of up to 10% of global annual revenue, or $950 million for MasterCard, and require the companies to change their business practices.
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