Posted in Industry News.
In the “sue me, sue you” department, there has been a lot of activity recently, which we’ll highlight: First, back in 2014 the Card Associations, specifically Visa and Mastercard, lost a class action lawsuit over the violation of law in setting Interchange fees. They settled for $7.2 billion … though no payout was ever made! Some of the largest retailers in the country felt that the settlement was not enough, so these retailers pursued the case in appeals court and as of June 30th, the case was reversed and remanded approval of the settlement. The original case had endured ten years of litigation, so now it’s anybody’s guess as to where this will go from here. In the meantime, there have been a number of additional suits against Visa/MC by Walmart, Home Depot, Krogers, National Association of Convenience Stores, and many others. And even more recently, Visa is counter suing Walmart in response to their lawsuit over the security of debit and chip cards. And on it goes.