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Suit charges card collusion.

Publication: Business Travel News
Publication Date: 18-JUL-05
Format: Online - approximately 747 words
Delivery: Immediate Online Access

Article Excerpt
Several small merchants are leading the charge against Visa, MasterCard and several large U.S.-based bank issuers with a lawsuit filed last month alleging the payment vendors for years have engaged in collusive pricing of merchant fees. If the plaintiffs win, the ongoing backlash against merchant fees could unravel the fabric of the card associations' operations and result in regulation on how much the associations charge merchants for payment services.

Minneapolis-based law firm Robins, Kaplan, Miller & Ciresi LLP filed the class-action lawsuit in a Connecticut U.S. District Court. In addition to Visa and MasterCard, the suit named bank issuers Bank of America, Citibank, Bank One, Chase Manhattan Bank and JPMorgan Chase,...

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