Seeking Alpha

Visa, Master Card lose bid to dismiss suit over opt-out swipe fees

  • A U.S. district judge declines to dismiss antitrust lawsuits filed against Visa (NYSE:V) and MasterCard (NYSE:MC) by retailers who opted out of a ~$5.7B class action settlement in 2012 over transaction fees.
  • The same judge in December approved the card companies’ settlement with a nationwide class of merchants in a lawsuit alleging antitrust claims over the fees, but several merchants including Target (NYSE:TGT) and Macy’s (NYSE:M) pursued cases after dropping out of the settlement.
  • V and MC argued the lawsuits should be barred by legal releases in an earlier settlement in 2003 and because the merchants don’t directly pay fees to banks that issue V and MC branded cards.
Comments (4)
  • ChuckXX
    , contributor
    Comments (1205) | Send Message
     
    Well here comes lots of selling on monday.
    18 Jul 2014, 06:19 PM Reply Like
  • chopchop0
    , contributor
    Comments (3800) | Send Message
     
    Please. Let the fools sell V down to <$200 and MA <$70 again so I can back up the truck.
    18 Jul 2014, 10:25 PM Reply Like
  • BBBerry
    , contributor
    Comments (26) | Send Message
     
    Built in after the original lawsuit
    19 Jul 2014, 06:30 PM Reply Like
  • tom g
    , contributor
    Comments (61) | Send Message
     
    No way they would dismiss the suit, still a long road to get a better deal than the prior settlement Long on both v and MA
    18 Jul 2014, 10:19 PM Reply Like
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