Visa Europe is expressing dissatisfaction with last week's General Court of the European Union's decision to uphold the $14.7 million fine imposed on the company for refusing to do business with a U.S. bank, saying it had already settled the dispute in 2006.
The European Commission originally fined Visa Europe in 2007 because for six years the card brand refused to allow the British subsidiary of Morgan Stanley into its network, the commission said Thursday. Visa's refusal meant that Morgan Stanley clients could not purchase items through the Visa payment system in the U.K.
Visa claimed it refused Morgan Stanley in its request to become a Visa Europe member because at the time Morgan Stanley owned competitor Discover Financial Services. Visa Europe formed in 2004 and remained independent after Visa Inc. went public in 2008.
In an email sent Monday, Visa Europe said it recognized the court's decision but was disappointed "with the outcome."
"The dispute with Morgan Stanley was settled nearly five years ago in 2006, and the complaint was withdrawn at the time. Although the commission continued with the case, which has ultimately led to [last week's] outcome," the statement said.
The commission, however, welcomed the court's decision and said Visa Europe infringed on European Union rules on restrictive business practices. In its statement, the commission also said it believed the entry of a new player would have created additional competition.
