Australia court fines Visa arm $12.6 mln, cites anti-competitive conduct | Reuters
SYDNEY, Sept 4 (Reuters) - Australia's federal court hasordered a subsidiary of credit and debit card issuer Visa Inc to pay a fine of A$18 million ($12.55 million) forblocking a rival currency conversion service on its paymentterminals.
The proceedings were brought by the Australian Competitionand Consumer Commission (ACCC). The agency said in a statementthat the domestic arm of Visa Worldwide infringed competitionblocking a rival currency conversion service on its paymentnetwork between May and October 2010.
The court also ordered that Visa pay the ACCC A$2 million inlegal costs.
Visa did not immediately respond to an email seeking commentoutside normal working hours.
($1 = 1.4341 Australian dollars) (Reporting by Swati Pandey; Editing by Kenneth Maxwell)