The payment card industry has been the focus of considerable attention from antitrust regulators, both in the United States and Europe. For instance, the European Commission recently adopted a decision that MasterCard's multilateral interchange fees violate EC Treaty rules on restrictive business practices. The industry has also been the subject of significant private litigation. NERA Senior Vice President Dr. Alan Cox participated in a panel discussion on recent enforcement activity on this telephone Brownbag Program to be held on 22 February 2008. The panel of experienced antitrust practitioners discussed the actions, trends, and theories behind recent enforcement actions.