Friday, July 01, 2005

"Naples Merchant Takes On Credit Card Firms Over Fees" (Naples Daily News)

The Naples Daily News (subscription required) has a July 1st feature profile on Mike Schumann, one of the five lead plaintiffs in this litigation against Visa, Mastercard and several US banks. This coverage is extensive and clearly identifies the issues by personalizing Mr. Schumann's concerns.

..."Last week Schumann was one of five merchants who filed a class-action lawsuit against Visa and Mastercard and the nation's biggest banks, alleging they have conspired to fix prices on a type of fee charged to merchants, called an interchange fee. The interchange fees, which have increased dramatically in recent years, cost merchants $20 billion a year, said K. Craig Wildfang, Schumann's attorney with the Minnesota-based law firm Robins, Kaplan, Miller and Ciresi. The law firm gained notoriety for representing the state of Minnesota in the historic $6.6 billion tobacco settlement in 1998".

Click here to view article (subscription required)