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…
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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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Speaking of the CFA, we received a notice from them this week advising 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…
Read More »In the latest round in the Swipe Fee settlement case, a federal judge ruled this week that banks and credit card companies had charged “inappropriately” inflated fees for debit cards in retail transactions. In his ruling, Judge Richard Leon said the Fed set swipe fees that yielded “billions of dollars” more than Congress intended when…
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Inequities in Franchise Relationship Are A Global Issue – Over the course of the past few weeks, we’ve reported on efforts to enact “fair franchising” legislation in Maine, California and Massachusetts. Notwithstanding arguments by the IFA and others that infusing a more equitable balance into the franchise relationship would be devastating, the “land down under” now weighs…
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Swipe Fee Settlement Deadline of May 28! – Regarding the proposed credit card swipe fee settlement, franchisees are reminded that they have until May 28, 2013 to advise the court whether they want to be included in the settlement. The proposed settlement offers monetary damages and limited modifications to Visa and MasterCard surcharging rules, but also mandates…
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In 2010, franchisees won a long, hard-fought battle against the finance industry, as Congress passed a bill which would regulate the exorbitant debit card fees that were being set by credit card companies and banks.Today, it appears that the battle has just begun. Some unintended consequences began to take shape in late June 2011, when…
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An attempt to roll back pending federal rules and preserve higher debit card swipe fees came within six votes of passage, ensuring that the long-running battle will continue.
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