Issuers

Federal Court Rejects Visa and Mastercard Class Action Settlements

In a unanimous ruling on Thursday, the US Court of Appeals for the Second Circuit rejected a settlement agreement between retailers and credit card issuers. Millions of retailers had reached a $7.25 billion antitrust settlement [NYT report] with Visa USA and MasterCard International [corporate websites] in 2013. However, after determining that some of …


Supermarket Sues Banks Over Chip Card Shift, Says It Lost $10K in 4.5 Months [Updated]

A small supermarket chain in Florida says that it has been ready for the shift to chip-based cards—but it can’t get certified. A Florida-based supermarket and liquor store chain has sued a variety of card networks and card issuers (PDF)—including Visa, MasterCard, American Express, Wells Fargo, and a number of others—over a recent shift in credit card technology that took place in the US last …