6/17, 3:14 PM (Source: TeleTrader)
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Court rules in favor of retailers against MasterCard, Visa

The United Kingdom’s Supreme Court confirmed on Wednesday an earlier Court of Appeal's decision in favor of retailers against MasterCard Inc. and Visa Inc., both of which may be facing billions of pounds in damages now.

The court ruled that the fees imposed on retailers, including J Sainsbury plc and Wm Morrison Supermarkets plc, by the two financial services companies were restricting competition.

MasterCard insisted that the ruling is not final as the company’s spokeswoman asserted that "there will be further court hearings to determine the key issues raised."

Breaking the News / BU