Memo: Antitrust: Commission welcomes Court judgment on Visa’s appeal against decision in Morgan Stanley case

The European Commission welcomes the judgment by the General Court (case T-461/07) confirming a Commission decision of 2007, finding that Visa had infringed EU rules on restrictive business practices by refusing to admit, for six and a half years, Morgan Stanley Bank as a member to its payment card network without objective justification. In particular, the General Court confirmed that the entry of a new player, such as Morgan Stanley, would have created scope for further competition and that the essential factor on which such an assessment must be based is its ability to enter the market. The General Court also upheld the €10.2 million fine imposed on Visa. This judgment supports the Commission's determination to tackle market foreclosure, particularly in cases where an infringement prevented the entry of a new player who would otherwise have improved competition.