Visa Confirms Brazilian Regulators Are Investigating Payment Companies -- Update
November 16 2018 - 6:38PM
Dow Jones News
By Maria Armental
Visa Inc. (V) on Friday confirmed that Brazilian regulators were
probing whether several companies including Visa engaged in
anticompetitive practices.
In a securities filing, Visa said the Brazilian Administrative
Council for Economic Defense, known as Cade, last month opened an
investigation against Visa, Mastercard (MA), American Express (AXP)
and Elo seeking information on possible competition law violations
with respect to network rules.
Visa and American Express said they are cooperating with
Brazilian regulators.
A Visa representative couldn't be immediately reached for
additional information.
Representatives for Mastercard, Elo and Cade couldn't be
immediately reached for comment.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
November 16, 2018 18:23 ET (23:23 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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