Brazilian antitrust watchdog Cade rejected on Wednesday Itau Unibanco’s appeal on a case involving its payments processor Rede for alleged anticompetitive practices.
Cade determined that Itau cannot demand that merchants have checking accounts at the bank as a condition for pre-payment of sales by credit cards. If the bank does not comply with the decision, it is subject to a 250,000 reais ($59,574) fine per day.
Itau said in April it would prepay small and mid-sized merchants in two days after the sales with no interest rates, sharply reducing the usual 30-day period in Brazil, in an unprecedented market move. As an eligibility condition, Itau demanded merchants to receive all payments in a checking account in the bank.
Full Content: Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Judge Mehta Questions Both Sides in Landmark Google Antitrust Case
May 2, 2024 by
CPI
FCC Urges Urgent Funding for Removal of Chinese Telecom Equipment from U.S. Networks
May 2, 2024 by
CPI
Former Pioneer CEO Facing Potential Criminal Charges For Colluding With OPEC
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI