MasterCard and Visa to Appeal Hungary Fine

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BUDAPEST (Dow Jones)--MasterCard (MA), Visa Europe and OTP Bank (OTP.BU) will appeal the fine Hungary's competition authority GVH levied on them Thursday as part of a cartel charge, also involving six other Hungarian commercial banks, for setting commission rates.



See yesterday's post: (Visa and MasterCard Each Fined $2.6 by Hungary's GVH)



Here are the statements made by the respective parties regarding the GVH fines:

"During the relevant period, Visa did not set intercharge in Hungary and we do not consider there can be any credible legal basis for the finding of an infringement against Visa Europe or the imposition of a fine. We are confident that this decision will be overturned on appeal to a higher court," Visa Europe said in a statement.



"MasterCard appeals against the decision since the company believes that neither the banks nor the bank card companies infringed the law," MasterCard said in a statement.