Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Retailers' suit against Visa, MasterCard allowed to proceed
NEW YORK (7/22/14)--U.S. District Judge John Gleeson declined to dismiss lawsuits filed by retailers against Visa and MasterCard last week. The lawsuits have been brought against the two credit card companies after retailers accused them of fixing the interchange fees charged to merchants for each transaction using a credit card.

Target, Amazon and WalMart are among the retailers that opted out of an approximately $5.7 billion settlement in December. The settlement, approved by Gleeson, also involved Visa and MasterCard and retailers nationwide that made similar allegations.

"This is the first step in the case for the retailers that have opted out of the settlement, but is not the last," said Eric Richard, executive vice president and general counsel for the Credit Union National Association. "The decision means that the retailer's pleadings were sufficient that Judge Gleeson felt bound by procedural rules to send the case to its next stage."

The retailers who opted out of the settlement in December said it was not adequate and that it offered meaningless reforms that would not help them control the costs of accepting credit cards, according to a report by Reuters . Many of those retailers have filed their own lawsuits.


RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
14 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
16 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
17 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
17 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
17 hours ago