- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2023-04-28T19:22:00
Mastercard said it is under investigation by the Department of Justice’s (DOJ) Antitrust Division regarding the company’s debit card program.
In March, the DOJ delivered a civil investigative demand (CID) to Mastercard concerning its debit program and competition with other payment networks and technologies, the company said in a first-quarter filing with the Securities and Exchange Commission on Thursday.
The DOJ is probing whether Mastercard violated Sections 1 or 2 of the Sherman Antitrust Act, the company said. The Sherman Act gives federal agencies the power, under certain circumstances, to curb commercial activity that is viewed as anticompetitive.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
Five corporate board members resigned after being flagged by the Department of Justice for potentially violating the antitrust provisions of the Clayton Act.
The Federal Trade Commission proposed a rule that would ban new and existing noncompete clauses by employers, claiming they stifle healthy competition, dampen wages, and raise the price of goods.
The prompt self-reporting of any involvement in an antitrust cartel will be a key consideration going forward in receiving leniency from the Department of Justice.
A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.
A subsidiary of McKinsey & Co. will pay nearly $123 million to the Department of Justice to settle allegations that it bribed officials in South Africa to win consulting contracts.
A defamation lawsuit filed by a whistleblower against USAA, which a Florida judge recently dismissed on a technicality, revealed in public court records an estimated 400,000 violations of the Military Lending Act by USAA Federal Savings Bank (USAA Bank), an indirect wholly owned subsidiary of USAA.
