Economy

xchrom

(108,903 posts)

79. Visa and Mastercard ask federal court to legalize transaction fees

Reply to Demeter (Original post)

Sun May 26, 2013, 09:24 AM

May 2013

http://www.rawstory.com/rs/2013/05/25/visa-and-mastercard-ask-federal-court-to-legalize-transaction-fees/

US credit card giants Visa and Mastercard sued retailers that rejected a multibillion-dollar settlement over transaction fees and asked the court to rule the fee practices weren’t illegal.

The latest legal maneuver comes after years of legal battles over so-called “swipe” fees retailers must pay credit cards in each transaction.

Last year, in a proposed settlement, Visa, MasterCard and some banks that issue their cards agreed to pay more than $6 billion to millions of merchants that had sued them for allegedly fixing the card use fees.

But a number of retailers and trade groups — including behemoths such as Walmart, Target and Macy’s — have rejected the deal, saying it would not address the underlying concerns over how the fees are set.

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