MasterCard Fined $648 Million for High EU Card Fees (bloomberg.com)

Posted by msmash on Tuesday January 22, 2019 @07:40AM from the functional-regulator dept.

MasterCard was fined 570.6 million euros ($648 million) by the European Union for imposing rules that regulators said may have artificially raised the costs of card payments in the region. From a report: The European Commission said MasterCard unfairly prevented retailers from seeking cheaper rates from banks outside the EU country where they are based. MasterCard's curbs on cross-border acquiring ended when the EU introduced credit card legislation in 2015. The EU's probe started in 2013 and escalated with a statement of objections two years later. MasterCard last month set aside $650 million to cover the fine, less than a potential 1 billion euros it flagged as a possibility in 2017. The company got a 10 percent fine reduction for cooperating with the EU, regulators said.

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Ok but by Anonymous Coward · 2019-01-22 07:45 · Score: 1, Insightful

Who gets the money?
People got ripped off, yet I have the uncanny feeling the fine will just make our fat and stupid EU politicians even fatter and more stupid. Nothing for the victims obviously.
1. Re: Ok but by Anonymous Coward · 2019-01-22 07:54 · Score: 0, Insightful
  
  [irony] The pope or course. Because EU never invest in infrastructure, research, education.. only in politician salary right ? [/Irony]
Re:EU Found a Money Stream by Njovich · 2019-01-22 08:05 · Score: 4, Insightful

Sounds to me they are just closing down an ATM where big corporations leech from the population.