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Trial in a case alleging Mastercard misused its market power by striking deals with retailers to defend revenues against EFTPOS routing has heard external competition lawyers suggested removing the word 'routing' from its contract with Woolworths.
Mastercard risked losing half its revenue from retail interchange fees as a result of the Reserve Bank's least-cost routing initiative, and struck deals with top retailers to defend its core business, a court was told Wednesday.
A trial judge has heard that Mastercard's top Australian executives discussed stripping Woolworths of strategic merchant status if the supermarket giant routed customer transactions through the cheaper EFTPOS network.
Mastercard's Australia boss was anxious to sign a deal with Woolworths on payments processing after learning that Coles had chosen to route all debit transactions through the cheaper EFTPOS network, a court has heard.
Mastercard considered threatening Coles with losing its discounted interchange fees to rival Woolworths if the supermarket chain re-routed customer debit and credit transactions away from the payments giant, a trial judge has heard in the ACCC's misuse of market power case.
Mastercard's APAC head was "perfectly comfortable" with the threat of removal of discounted interchange rates to cut a deal with Coles to route transactions through its payment network, a court has heard.
The Commonwealth Bank has avoided a separate hearing over its cross-appeal in shareholder class actions that have reached the High Court.
A court has granted the corporate regulator leave to proceed with a lawsuit against collapsed advisory firm MWL Financial for advising clients to invest $114 million in their super into Keystone’s failed Shield Master Fund.
CBA plans to file a cross-appeal in the class actions before the High Court, contending the shareholders -- who argue they should have won their loss case -- failed to establish disclosure breaches at the threshold.
Saying the appeals court committed "fundamental errors" in approaching their claim of loss, the applicants in failed cases against the Commonwealth Bank have appealed to the High Court, in a case that could clarity the elusive test for damages in shareholder class actions.