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The Home Depot Inc.’s new lawsuit against Visa Inc. and MasterCard Inc. makes many of the same antitrust allegations that other merchants have lodged against the big networks in recent years. The suit, however, is notable for asking the court to quash Visa’s Fixed Acquirer Network Fee (FANF) and, like …
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Visa, Wal-Mart Settle Wal-Mart’s Interchange Opt-Out Lawsuit
Visa Inc. and Wal-Mart Stores Inc. have settled a 2014 antitrust lawsuit the huge retailer filed against Visa that sought $5 billion in damages, Visa reported. Disclosure of the settlement comes in a brief passage in Visa’s annual report for fiscal 2015 ended Sept. 30, which Visa filed with the …
Read More »9th Annual The 10 Most Pressing Issues in E-Payments
2015 is the year of EMV, as much for the various ways chip cards are causing anxiety for the payments business as for their putative benefits. But a host of other issues is keeping payments executives awake these days, as well. Well, it seemed like a good idea at the …
Read More »Judge Tosses AmEx’s Settlement With Merchants; Is the Visa-MasterCard Settlement Next?
A federal judge on Tuesday nullified a pending settlement between American Express Co. and merchants in a class-action lawsuit over AmEx’s anti-steering rules because of improper conduct by a co-lead attorney for the merchants. The decision immediately cast a shadow over the $5.7 billion settlement Visa Inc. and MasterCard Inc. …
Read More »Google Becomes Latest Major Player to Sue Card Networks After Settlement Opt-Out
Two days before Christmas, Google Inc. quietly filed a federal lawsuit against Visa Inc. and MasterCard Inc., alleging the card networks violated antitrust law by setting “supracompetitive” interchange rates from 2004 to 2012. The unusually sparse, three-page suit, filed in U.S. District Court for the Eastern District of Texas, asks …
Read More »Merchants That Opted out of the Big Interchange Settlement Will Get a Second Chance
Merchants that elected not to take a share of the $5.7 billion settlement to resolve a massive credit card interchange case against Visa Inc., MasterCard Inc. and some banks will be given a chance to opt back into a share of the damages under a plan being crafted by lawyers. …
Read More »Hearing Will Be a Milestone in Interchange Litigation, But Maybe Not the End
Eight years from their genesis, the lawsuits challenging bank card interchange now collectively known as MDL 1720 are scheduled to reach a milestone Thursday when U.S. District Judge John Gleeson convenes a so-called fairness hearing in his Brooklyn, N.Y., courtroom. The hearing’s purpose is for Gleeson to determine whether …
Read More »Merchants Wring More Than $7 Billion out of Networks, Banks in Credit Card Settlement
The card networks, major U.S. banks, and U.S. merchants reached a $7-billion-plus settlement late on Friday, capping a seven-year battle over credit card interchange and network acceptance rules. If approved by the court, the settlement will be the largest such agreement ever in an antitrust case. Under the terms of …
Read More »Brooklyn Court Could Be More Inclined to Rule Reform Than Interchange Cuts
With a trial date looming in September, speculation is rising that a major antitrust case challenging credit card interchange will result in new rules handing merchants wider latitude in surcharging for transactions, routing payments, and steering customers to other cards or forms of payment. Settlement talks in the case, known …
Read More »Cover Story: Will Credit Cards Be Next?
Not content with restrictions on debit card interchange, merchants are now targeting bigger game. A set of major antitrust cases could be just the opening salvo—and a trial is set to start in September. By Linda Punch While the card networks and banks are still wrestling with the repercussions from …
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