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BNZ, CommComm reach settlement on interchange case
Media Release
For immediate release
Monday 5 October,
2009
BNZ and Commerce Commission reach settlement on interchange case
BNZ has signed a settlement agreement with the Commerce Commission in relation to claims over interchange for credit card transactions.
Chris Reid, BNZ Chief General Counsel said, “BNZ is pleased to have settled the claims by agreement with the Commission prior to defending its case in the High Court.”
The agreement follows related settlements between the Commission and Visa and Mastercard that were announced in August.
As part of the BNZ settlement, a commitment has been made to reduce interchange levels over time.
While much of the agreement is confidential, a public version of the settlement agreement is available on the Commerce Commission’s website.
The agreement is in full and final settlement of the Commission’s claims against BNZ.
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