US Retailers Sue Visa, MasterCard for Fees - Information portal

US Retailers Sue Visa, MasterCard for Fees

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03.07.2013 Количество просмотров 494 views
mastercard-and-visaSeveral retailers including Amazon and 7-Eleven have filed a lawsuit against Visa and MasterCard in the latest twist of the ongoing battle between card schemes and US merchants over interchange fees.

In summer 2012, US retailers have reached a USD 7.25 billion class action settlement with the card schemes but since then thousands of companies have pulled out of the accord.

According to online media outlet Bloomberg, one collection of retailers have filed a new complaint, arguing that "once Visa and MasterCard acquired substantial market power over merchants, they maintained it by forcing merchants to pay even higher interchange fees to continue to fund these price-fixing schemes."

An Electronic Payments Coalition spokeswoman has declared that these arguments have already been covered and had they had "any merit or strength, they would have been included in the final settlement".

Other suits from groups of retailers are also in progress, while Visa has hit back with its own litigation against WalMart for rejecting the initial settlement.
Source:  The Paypers


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