A PYMNTS Company

Chile: Supreme Court rejects appeal against decision on banking cards

By  |  April 14, 2015

Chile’s Supreme Court upheld the Free Competition Defense Tribunal’s decision to deny a review to the norms that regulate Chile’s banking card market

. The court considered that the review procedure would violate due process, as it sought to reopen matters that were satisfactorily resolved in 1991. The measures under review would have modified or eliminated the rights and current contracts of third parties, affecting them without any guarantee of a fair process on their behalf.

The court’s decision passed with two votes against, by ministers who argued that there is a case for revising the TLDC’s resolution, with changing circumstances creating a different situation from 23 years ago, when the rules were set.

Full content: MicroJuris.com

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.