CREDIT CARD COMPANIES SET TO REACH SETTLEMENT IN LONGSTANDING SUIT OVER SWIPE FEES
July 13, 2018
Visa Inc. and Mastercard Inc., as well as several issuers including JPMorgan Chase & Co., Citigroup Inc. and Bank of America, are nearing a settlement in a 13-year-old lawsuit over the fees the companies charged when merchants accepted credit card payments. The lawsuit, filed on behalf of roughly 12 million merchants, has been pending for over a decade.
The terms of the settlement have not been made public, but sources have reported that the credit card companies and issuers would pay merchants roughly $6.5 billion dollars. One June 27, 2018, attorneys involved in the case notified the Magistrate Judge that they would provide a status report on July 10, 2018 with a deadline of July 17, 2018 to finalize the settlement. The case is In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, 05-md-01720 in the U.S. District Court for the Eastern District of New York.
If you have any questions, please contact Evelyn Sahr (esahr@eckertseamans.com or 202-659-6622); Drew Derco (dderco@eckertseamans.com or 202-659-6665), or Alexander Matthews (amatthews@eckertseamans.com or 202-659-6633).
Share This Post
Authors
