Topics: Visa

Guidance on Visa, Mastercard Swipe Fee Class-Action Settlement

A federal Court has preliminarily approved a proposed settlement of a maximum of approximately $6.24 billion and a minimum of at least $5.54 billion in a class action lawsuit, called In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL 1720 (MKB) (JO). The lawsuit is about claims that merchants paid excessive fees to accept Visa and Mastercard cards because Visa and Mastercard, individually, and together with their respective member banks, violated the antitrust laws. A number of NATSO members who may be a part of this class have sought guidance as to how this process will proceed and what steps they should take as part of this process. More

Visa, Mastercard Face Next Fight In $6.2 Billion Settlement

In the largest-ever class-action settlement of a U.S. antitrust case, Visa and Mastercard agreed to pay between $5.54 billion and $6.24 billion to a class of more than 12 million merchants who accept the payment networks’ cards, according to a regulatory filing on Tuesday. More

American Express Prevails in Supreme Court Case

The U.S. Supreme Court on June 25 handed down a decision in the case of Ohio v. American Express, ruling that American Express did not violate the Sherman Antitrust Act. The decision comes after a long battle that started in 2010 when the U.S. Department of Justice (DOJ), in conjunction with several state attorneys general, brought the case against Visa, Mastercard and American Express arguing that the rules promulgated by the card networks preventing merchants from offering discounts were a violation of antitrust laws. More

House Committee Hearing Today on Financial Choice Act

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) will hold a hearing today to discuss the Financial Choice Act, which contains a provision to repeal the debit card swipe fee reforms implemented under the Dodd-Frank Wall Street Reform and Consumer Protection Act. More

Rep. Wagner Visits Missouri TravelCenters of America

TravelCenters of America and NATSO hosted Rep. Ann Wagner (R-Mo.) at TA’s Foristell, Mo., location April 19 as part of a congressional site visit designed to discuss issues of importance to the truckstop and travel plaza community. More

Rep. Hensarling to Introduce Legislation to Repeal Durbin Amendment

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) is expected to introduce legislation before the end of this month that would repeal debit card swipe fee reform, commonly known as the Durbin Amendment. More

Retailers Urge Congress to Protect Debit Fee Reform

More than 760 members of the retail community including NATSO members urged Congress to refrain from taking up any legislation that seeks to repeal debit card swipe fee reform, commonly known as the “Durbin Amendment.” More

NATSO Members Urged to Sign Letter Opposing Repeal of Swipe Fee Reform

NATSO has learned that U.S. Rep. Jeb Hensarling (R-Texas), Chairman of the House Financial Services Committee, is expected as early as next week to introduce legislation that seeks to repeal debit card swipe fee reform, commonly known as the “Durbin Amendment.” More

NATSO CEO: Court's Reversal of Visa, MasterCard $7.25 Billion Settlement Major Victory

NATSO President and CEO Lisa Mullings today said the decision by the U.S. Court of Appeals for the Second Circuit to reverse the $7.25 billion antitrust settlement that Visa and MasterCard had reached with millions of retailers over the high transaction fees that retailers pay each time a customer uses a credit card marks a major victory for retailers. More

Kroger Sues Visa Over Signature vs. PIN in Debit Transactions

The lawsuit is just the latest in a series of lawsuits that large merchants have filed against credit card companies over restrictions on PIN authentication. NATSO continues to actively urge members of Congress to examine the payments system, arguing that PIN authentication is the most secure, cost-effective solution. More

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