Visa, MasterCard Antitrust Trial Nearing End

The U.S. antitrust trial against top credit card networks Visa and MasterCard drew closer to a resolution when a federal judge canceled oral arguments, paving the way for a decision that could reshape the credit-card industry. A member of the courthouse staff said Judge Barbara Jones has canceled oral arguments, the final courtroom phase in a U.S. government trial accusing Visa and MasterCard of colluding to stifle competition and innovation. Visa later confirmed that Jones had canceled the arguments, which had been scheduled for Monday. Jones could rule as soon as this month on the case, which went to trial this summer in a Manhattan federal court. Visa and MasterCard are owned by major banks and together control more than 75% of U.S. credit-card sales. The government sued them in October 1998, alleging their internal policies prevent them from competing with each other and stop new products from coming to market.