Thursday , December 12, 2019

Search Results for: mdl 1720

Final Arguments Heard in MDL 1720 Interchange Suit and other Digital Transactions News briefs from 11/8/19

U.S. District Judge Margo K. Brodie heard final arguments from lawyers Thursday on the fairness of a proposed settlement in the 14-year-old MDL 1720 credit card interchange case but, as attorneys involved in the case said was probable, did not make an immediate determination from the bench. Brodie in January gave preliminary …

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Fairness Hearing Coming Up in the Massive Credit Card Interchange Court Case

A federal judge is scheduled to hear arguments Thursday on whether a proposed settlement worth up to $6.24 billion in damages to card-accepting merchants is fair.  The hearing in U.S. District Court in Brooklyn, N.Y., is expected to draw a roomful of lawyers for defendants Visa Inc., Mastercard Inc. and …

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ATM Deployers’ Suit Against Visa and Mastercard Resumes With Class-Certification Request

One of the longest-running antitrust lawsuits in the payments industry is getting into gear again with a new request by independent ATM deployers for class certification in their action against Visa Inc. and Mastercard Inc. The National ATM Council Inc. (NAC) trade group and 13 ATM independent sales organizations originally …

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The Brooklyn Federal Court Gives a ‘Preliminary’ OK to a $6.24 Billion Deal in Interchange Case

The federal court handling the long-running class-action litigation between merchants on one hand and big banks and Visa Inc. and Mastercard Inc. on the other announced on Friday it has granted “preliminary approval” to a settlement that could award between $5.54 billion and $6.24 billion to merchant plaintiffs. The parties …

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Visa Eyes More Contactless Cards And More Volume From Visa Direct

Visa Inc. saw payment volume growth of nearly 11% in the quarter ended Dec. 31, and sees ever-more contactless cards and volume on its Visa Direct real-time payments service in its future. Visa on Wednesday reported a respectable first quarter of fiscal 2019, according to its chief executive, despite the …

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You Just Can’t Please Everyone

We were just wrapping up this issue when word came of the proposed $6.24 billion monetary settlement of the big federal antitrust case that has, for more than a decade, pitted merchants against card networks and major banks. The deal, however, only settles the money question—how much merchants will get …

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Credit Card Interchange Settlement Once Again Divides Merchants

Déjà vu, anyone? Similar to its now-moot predecessor agreement from 2012, the proposed $6.24 billion monetary-damages settlement in a big credit card interchange antitrust case announced Tuesday by Visa Inc. and Mastercard Inc. is drawing diverging reviews from merchants. Based on anecdotal comments and the history of the earlier settlement, …

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A $6.2 Billion Pact May Be Only a Prelude to Difficult Haggling Ahead for Merchants And the Card Networks

Visa Inc. and Mastercard Inc. announced early Tuesday that they and defendant banks have agreed to settle for $6.24 billion merchants’ monetary claims stemming from 13-year-old litigation over credit card interchange. Today’s announcements represent the second settlement of the sweeping class action known as MDL 1720 pending in U.S. District …

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Still Unsettled

A divided Supreme Court says American Express Co.’s anti-steering rules for merchants don’t violate antitrust law. What does that mean for card payments, especially with another big card-related court case heading for a settlement? The U.S. Supreme Court’s recent 5-4 decision upholding American Express Co.’s anti-steering rules for merchants has …

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Visa Surpasses $2 Trillion in Payment Volume in Its Third Quarter

With economic conditions generally healthy in most of the world, Visa Inc. racked up $2.1 trillion in combined credit and debit payment volume in the quarter ended June 30, an 11.1% increase from $1.87 trillion a year earlier on a constant-currency basis.  The United States, by far the largest of …

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