Lawsuit Filed Against Major Banks For Fixing Prices
A lawsuit has been filed in the U.S. District Court for the District of Connecticut against major banks and financial institutions including Visa, MasterCard, Bank of America, Citibank, JP Morgan Chase, and others. The lawsuit has been filed on behalf of a number of small businesses, claiming that these banks and institutions have been illegally fixing credit card transaction fees.Banks hit merchants with these fees every time their Visa or MasterCard credit card is used to make a purchase. The lawsuit claims that the banks and institutions named as part of the lawsuit have been making "exorbitant" charges. Businesses have claimed that these banks are illegally fixing prices on interchange fees.
Retail giant, Walmart, has already negotiated a settlement with Visa and Mastercard, which is thought to exceed a billion dollars. Many of the other businesses are being awarded fee cuts. The lawsuit was filed on behalf of the businesses by law firm Robins, Kaplan, Miller & Ciresi L.L.P.
A spokesperson for the law firm said that the charges can really bump up the cost of any purchase made via the credit cards. "The card issuing banks that control Visa and MasterCard have the ability to set the interchange fees as high as they want, without any market force to restrain them."
Topic Added August 8th, 2005
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