Interchange Fees News
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Visa Inc. sued Wal-Mart Stores Inc. in a bid to stop the world’s largest retailer from bringing price-fixing claims over merchant swipe fees.
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European Union antitrust regulators invited comments on Visa Europe Ltd.’s offer to cut “significantly” the fees it sets for processing cross-border credit-card payments in a bid to end an EU antitrust probe.
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MasterCard Inc.’s challenge at the European Union’s highest court seeking to overturn an EU decision that the company’s cross-border card fees breach antitrust rules will be heard next month.
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Wal-Mart Stores Inc. and Costco Wholesale Corp., among more than 500 merchants objecting to a $7.25 billion antitrust settlement with credit card firms over swipe fees, say the deal is meaningless as long as card companies can fix fees charged retailers on each transaction.
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Target Corp. and Macy’s Inc. joined with 15 other retailers in suing Visa Inc. and MasterCard Inc. over credit-card and debit-card fees after dropping out of a multibillion-dollar settlement of a similar case.
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Wal-Mart Stores Inc. and Starbucks Corp. are among 19 retailers opting out of a $7.25 billion antitrust settlement with Visa Inc. and MasterCard Inc. over fees charged to merchants to process credit-card transactions.
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Little Rock, Arkansas, objected to a multibillion-dollar settlement of a price-fixing case against Visa Inc. and MasterCard Inc. over the fees charged to merchants to process credit-card transactions.
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Visa Europe Ltd. plans to “significantly” reduce the fees it sets for processing cross- border credit-card payments in a bid to allay European Union competition concerns, the bloc’s antitrust watchdog said.
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Debit-card interchange fees for the largest banks fell 45 percent in last year’s fourth quarter from 2009 as U.S. caps took effect, according to data compiled by the Federal Reserve.
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Lawyers for plaintiffs in a Visa Inc. and MasterCard Inc. antitrust case over interchange fees asked for final approval of a settlement along with $720 million in legal fees and $27 million in expenses.
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