Monday, September 26, 2005

Additional Litigation Filed In Interchange Antitrust (Reuters)

Retail groups sue Visa, MasterCard

Several retail groups said on Monday they filed an antitrust lawsuit against credit-card companies Visa, MasterCard and major U.S. banks, saying they acted together and set credit-card interchange fees.

Retail merchants pay interchange fees to issuing banks to receive payments for transactions involving the banks' cards and make up the largest component of credit card fees.

The suit's plaintiffs include the National Association of Convenience Stores, the National Association of Chain Drug Stores, the National Community Pharmacists Association and the National Cooperative Grocers Association. They represent hundreds of thousands of stores across the United States that accept Visa and MasterCard as a form of payment.

(Source: Reuters)