Polish oil refiner sues Commerzbank’s mBank, Mastercard, Visa over interchange fees



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Polish oil refiner sues Commerzbank’s mBank, Mastercard, Visa over interchange fees

Plock-based Polish oil refiner, PKN Orlen, Poland’s largest oil refiner, had filed a lawsuit against the German Commerzbank-owned mBank, online payment processor Mastercard Inc. and Visa Inc. alongside other banks for a stark sum of 636 million Polish Zlotys or $1.62 billion in damages and liabilities related to a number of interchange fee rigging in the mid-2000s, Germany’s leading lender Commerzbank-owned mBank said in a statement on Saturday, the 29th of February 2020.

Aside from that, mBank had also added in its Saturday’s (February 29th) statement that the PKN Orlen, operating the eastern European nation’s largest chain of petrol stations, had sued mBank alongside others over accusation of charging excessive fees for processing card payments.

More importantly, PKN Orlen’s lawsuit against Commerzbank came forth at a time when the German lender had been planning a potential sale of its 70 per cent controlling stake of mBank in order to raise funds to conduct its planned overhaul, while industry analysts said that a sale of mBank could raise a sum between $2.8 billion to $3.06 billion.

Nonetheless, as the lawsuit filed by the Polish PKN Orlen would likely to intervene Commerzbank’s planned sale of its mBank unit, adding that the lender had been preparing a response to the lawsuit, mBank said in a statement on Saturday (February 29th), “The plaintiff accuses both banks and other banks operating in Poland of participating in the unlawful agreement ...

restricting competition on the services market related to the settlement of clients’ obligations. ”