Retail groups sue Visa, MasterCard

Several retail groups have filed an antitrust lawsuit against Visa USA, MasterCard International and dozens of major U.S. banks, saying they acted together to set excessive credit card fees. These groups collectively represent hundreds of thousands of U.S. stores that accept Visa and MasterCard as a form of payment.

The lawsuit, filed Friday with the U.S. District Court for the Eastern District of New York, concerns interchange fees, which retail merchants pay to issuing banks to receive payments for transactions involving the banks' cards. Interchange fees make up the largest component of credit card fees and have long been a source of friction between retailers and card companies.

In 2003, Visa agreed to pay about $2 billion and MasterCard $1 billion to settle a lawsuit by retailers claiming they were forced to accept higher-cost, signature-verified debit cards.

- Now, isn't watching elephants fighting an interesting sight? Having watched films like The Corporation, it's like a battle between immortal entities, right out of the Highlander series. Of course, the prize is money, and at this point it's not quite apparent whether "there can be only one" - like, Omni Consumer Products perhaps? Okay, enough of the Hollywood culture already! :)

(2005-09-27 12:53:32 SGT) [Biz] Permalink

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