Bipartisan legislation being filed in the United States Senate would lower the fees that restaurants and other retailers pay to process credit card transactions. The legislation, S.4674, sponsored by Senators Roger Marshall (R-KS) and Senate Majority Whip Dick Durbin (D-IL), would require that the largest bank credit cards (over $100 billion in assets) provide at…
Read More »It has been bouncing around for a good number of years now and was thought to be settled a few years ago before that settlement was ultimately rejected. Now, it would appear that a settlement has again been reached in the class action suit over VISA and MasterCard Interchange Fees. The lawsuit stems from claims…
Read More »A lawsuit challenging the major credit card companies over requiring merchants to use new embedded chip technology has been allowed to move forward by San Francisco-based US District Court Judge William Alsup. The action, initiated by four smaller grocery stores in California, Florida and New York, contends that VISA, MasterCard, American Express and Discover conspired…
Read More »It may have flown a little bit under the radar in light of joint-employer, ambush election and rewritten overtime regulations, but by October 1, small and medium-sized businesses must be in compliance for accepting chip-enable credit card payments or face major legal and financial peril. It is reported that as many as 25% of small…
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We didn’t report any new data breaches last week and hoped that we have finally solved that problem, but unfortunately, there’s more news on the subject this week. First, another franchised concept admitted that customer data had been breached in hundreds of their stores early this month when Dairy Queen reported that almost 400 of…
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Just when maybe you thought it might be safe to not worry about data breaches, we have to report yet another – this time hitting a franchise business. Jimmy Johns Sandwich chain had at least 216 of their locations compromised when hackers attacked the chain’s computer systems. At the risk of “beating a dead horse”,…
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It is now estimated that the data breach at Home Depot discovered earlier this month will end up costing the home improvement giant as much as $62 million! The company this week reported they had identified the malware responsible for the breech and that the personal information of some 56 million customers had been compromised. Sadly,…
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The US Appeals Court for the District of Columbia last week issued a 38 page decision upholding a Federal Reserve 2011 compromise which placed a 21 cent fee on debit swipes. The fee replaced the previous 44-cent swipe fee and resulted from the 2010 Dodd-Frank Consumer Protection and Wall Street Reform law.
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In what was billed as the largest private antitrust settlement in American history, credit card giants Visa and MasterCard have agreed to a $5.7 billion dollar settlement to a class action lawsuit brought by retailers who claimed the companies conspired to fix the interchange fees retailers are charged when customers pay with credit cards. The…
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We again remind our members and other Dunkin’ franchisees that the $5.7 Billion settlement between VISA and MasterCard and a number of merchant and trade organizations has been finalized by the US District Court. The settlement stems from a 2005 class action lawsuit against the credit card giants on behalf of merchants regarding non-negotiable credit…
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