Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
RT @CUEscan: Branches Will Be the Cornerstone of Growth http://t.co/fVqPPaGeVL http://t.co/xxMyKGQMrl
20 minutes ago
RT @asmarterchoice: According to @Bankrate study, customers more likely to find FREE checking at #Creditunion than a bank! http://t.co/ntCb…
24 minutes ago
Ditch monthly subscriptions to save $$, @YoungFreeMI Fielder tells @freep http://t.co/TFnsps4Dui #ASW2015
44 minutes ago
.@federalreserve extends comment period for capital surcharges on systemically important U.S. bank holding cos. http://t.co/MOJJBn9DfA
2 hours ago
~40M tax refunds worth $125B issued as of Feb. 20 @IRSnews reports. Average refund=$3,120 http://t.co/VgcLs6chhq
2 hours ago