Retail group against revised card settlement
Legal Marketing
A proposed settlement in a class-action lawsuit brought by retailers and trade groups against Visa Inc. and MasterCard Inc. fails to protect merchants from abuse by credit card companies, a national retail group says.
The lawsuit, which dates to 2005, centers on the subject of swipe fees — charges banks collect every time a Visa or MasterCard is used to pay for a purchase.
The proposed settlement terms, initially disclosed in July, were revised and filed Friday with U.S. District Court in Brooklyn.
But changes to the deal failed to win over many of the retailers represented by the National Retail Federation.
In a statement Mallory Duncan, the trade group's general counsel, said that the proposed deal does virtually nothing to protect retailers or their customers, and it attempts to silence any objections for years to come.
"Retailers would rather take their chances in court than accept this one-sided swindle written by the card industry for the card industry," he added.
The National Retail Federation, the nation's largest retail trade group, is not a party to the lawsuit.
In a statement Friday, Visa called the settlement a fair and reasonable compromise.
Under the proposed settlement, stores will be allowed to charge customers more if they pay with a credit card. The pact covers only U.S. transactions.
Related listings
-
Rosen Law Firm Files First Federal Securities Class Action
Legal Marketing 07/05/2012The Rosen Law Firm, P.A. announces today that it has filed the first federal class action against Lone Pine Resources, Inc. (LPR) alleging that Lone Pine made false statements of material facts in its prospectus issued in connection with the Company'...
-
Law Offices of Howard G. Smith Announces Class Action
Legal Marketing 07/05/2012Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the District Court of the Virgin Islands on behalf of all persons or entities who purchased or otherwise acquired the common s...
-
Houston Auto Accident & Insurance Claims Law Firm
Legal Marketing 03/01/2012If you've been involved in an auto accident caused by speeding, drunk driving (DWI), unsafe lane changes, following too closely, running red lights & stop signs, reckless truck drivers, or any other cause, we ask you to keep the following in mind...
CHICAGO BUSINESS & CORPORATE LITIGATION LAWYERS
When faced with a legal challenge, your attorneys should help you identify your goals at the beginning of the process. Thereafter, every action that follows must be undertaken with the aim of meeting those goals. Wasted effort equals wasted time and money, that’s something you cannot afford and your attorneys must respect this concept. At Roth Law Group, we counsel our clients to confront their legal challenges aggressively, but with purpose.
As a former Marine Corps Pilot, I learned that you must assess the situation, determine your mission, construct a plan to achieve the mission and execute that plan. As an attorney and small business owner, I apply the same concepts in taking on my client’s legal challenges. And while it is generally preferable to resolve cases early in the process whenever possible, if you have no choice but to fight, you need someone who is willing to aggressively advocate for you. Here at Roth Law Group, we never back down from a challenge and we fight to win. Let our experienced attorneys put you in control of your legal challenges so you can get back to running your business.