Merchants Sue Visa, MasterCard, Banks

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00022606-merchants-sue-visa-mastercard-banks/

By Jonathan Stempel, Reuters

Four merchant groups have filed an antitrust lawsuit against Visa USA, MasterCard Inc. and dozens of major banks, saying they colluded to set excessive credit card fees.

The plaintiffs estimate damages “will range in the tens of billions of dollars,” according to the 59-page class-action complaint, filed Friday with the U.S. District Court in Brooklyn, New York.

Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., the largest U.S. credit card issuers, are among the more than 40 defendants. MasterCard and Visa already face other retailer lawsuits accusing them of price fixing.

For this complete story, please visit Merchants Sue Visa, MasterCard, Banks.

Merchants Sue Visa, MasterCard, Banks

Unknown Author

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