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MasterCard: EU fees too low, to continue court case

MasterCard said undertakings made with the European Commission to cut its transaction fees will threaten investment in payments systems and that it would continue its appeal against the EU executive.

The Commission ruled in December 2007 that MasterCard's cross-border transaction fees broke European Union antitrust rules.

“We do not believe this level of interchange is adequate to sustain strong competition in the European payments industry ... That is why these rates are only interim, and why we are pursuing our appeal in the European Court of First Instance,” MasterCard said in a statement on Wednesday. (Reuters)