24 July 2016
Find out more

Visa and MasterCard face another interchange suit

28 June 2013  |  7473 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  |  6906 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  |  5424 views  |  1 comments | 6 tweets | 1 linkedin
US card fee settlement gets preliminary approval

US card fee settlement gets preliminary approval

12 November 2012  |  6035 views  |  0 comments | 2 tweets | 2 linkedin
Walmart opposes $7.25bn interchange settlement

Walmart opposes $7.25bn interchange settlement

24 July 2012  |  7253 views  |  0 comments
MasterCard loses court challenge to EC interchange ruling

MasterCard loses court challenge to EC interchange ruling

24 May 2012  |  9273 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  |  8211 views  |  2 comments
Senate vote paves the way for US interchange reform

Senate vote paves the way for US interchange reform

09 June 2011  |  6431 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  |  12179 views  |  3 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreVisit www.abe-eba.euVisit VocaLink.com

Top topics

Most viewed Most shared
MasterCard agrees £700m VocaLink acquisitionMasterCard agrees £700m VocaLink acqu...
8169 views 14 comments | 32 tweets | 37 linkedin
hands typing furiouslyWhat Every FinTech CEO Should Know About R...
7882 views 0 | 14 tweets | 8 linkedin
hands typing furiouslyBanking on IoT: Security in the Internet o...
7818 views 3 | 19 tweets | 7 linkedin
Santander doubles down on fintech fundSantander doubles down on fintech fund
7610 views comments | 22 tweets | 28 linkedin
satelliteContactless Bitcoin startup Plutus Tap &am...
7546 views comments | 6 tweets | 3 linkedin

Featured job

Find your next job