23 June 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

Visa and MasterCard face another interchange suit

28 June 2013  |  7883 views  |  0 credit card

A collection of around 30 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.

After years of wrangling, last summer US retailers reached a $7.25 billion class action settlement with the card schemes but since then thousands of companies have pulled out of the accord.

According to Bloomberg, one collection of retailers filed a new complaint this week, 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 told Bloomberg that these "tired 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 Wal-Mart for rejecting the initial settlement.

KeywordsLEGAL

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Visa sues Wal-Mart as interchange fight escalates

Visa sues Wal-Mart as interchange fight escalates

14 June 2013  |  7350 views  |  3 comments | 6 tweets | 7 linkedin
Visa and MasterCard sue swipe fee settlement refuseniks

Visa and MasterCard sue swipe fee settlement refuseniks

28 May 2013  |  5775 views  |  1 comments | 6 tweets | 1 linkedin
US card fee settlement gets preliminary approval

US card fee settlement gets preliminary approval

12 November 2012  |  6335 views  |  0 comments | 2 tweets | 2 linkedin
Walmart opposes $7.25bn interchange settlement

Walmart opposes $7.25bn interchange settlement

24 July 2012  |  7690 views  |  0 comments
MasterCard loses court challenge to EC interchange ruling

MasterCard loses court challenge to EC interchange ruling

24 May 2012  |  9779 views  |  0 comments
Retailers and banks step up war of words over interchange fee cuts

Retailers and banks step up war of words over interchange fee cuts

09 December 2011  |  8537 views  |  2 comments
Senate vote paves the way for US interchange reform

Senate vote paves the way for US interchange reform

09 June 2011  |  6690 views  |  0 comments
Visa and MasterCard shares slide as Fed calls for debit card fees cut

Visa and MasterCard shares slide as Fed calls for debit card fees cut

17 December 2010  |  12503 views  |  3 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.events.sap.comvisit vasco.com/news/PSD2-compliant-solutionsvisit www.response.ncr.com

Top topics

Most viewed Most shared
Santander's Openbank relaunched as 100% digital bankSantander's Openbank relaunched as 100% di...
15921 views comments | 48 tweets | 61 linkedin
Worldpay pilots app-only mPOS for small retailersWorldpay pilots app-only mPOS for small re...
8459 views comments | 17 tweets | 27 linkedin
Live: EBAday 2017, day twoLive: EBAday 2017, day two
8116 views comments | 4 tweets | 5 linkedin
Live: EBAday 2017, day oneLive: EBAday 2017, day one
7480 views comments | 3 tweets | 4 linkedin
UK banks will need to change one million sort codes under ring-fencing rulesUK banks will need to change one million s...
7452 views comments | 8 tweets | 25 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job