On the first day of MasterCard International's defense, its top executive offered under oath a warning it has repeated throughout the trial, in and out of court: that its very existence could be threatened if banks must choose between it and Visa.

That could happen if Judge Barbara S. Jones accepted the U.S. government's argument that the current model of dual governance stifles competition, and if she rules that banks should have to swear allegiance to one association or the other to maintain input at the board level.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.