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Case ID: 4437 | Credit / Debt | 09/26/2005
Four major merchant associations have filed an antitrust lawsuit against Visa, MasterCard and banks that issues credit cards in a growing battle over fees. The lawsuit alleges that some banks and credit card companies are engaging in "collusive practices" by setting credit-card interchange fees at high levels. Interchange fees are the fees that banks charge retail businesses for credit card transactions.
The lawsuit was filed by the National Association of Chain Drug Stores, the National Association of Convenience Stores, the National Community Pharmacists Association, and the National Cooperative Grocers Association. The lawsuit was filed against: Visa, MasterCard, Bank of America, Citibank, Bank One, Chase Manhattan Bank, J.P. Morgan, Chase Fleet Bank, and Capital One. The plaintiffs seek damages and injunctive relief to stop the alleged anticompetitive practices. "This could reduce the number of financial institutions willing to participate in a four-party payment card system, lower overall transaction volumes, and/or make proprietary end-to-end networks or other forms of payment more attractive.
At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Credit / Debt Cases of Interest A statewide class action has been filed in New York against collections specialist, Collection Information Bureau. The action is brought on behalf of all New York consumers who received "form type" collection letters from Collection Information at any time since March 11, 2003. The action is brought under the federal Fair Debt Collection Practices Act and seeks statutory damages as well as injunctive and declaratory relief. A class action lawsuit has been filed in the Eastern District Court of Pennsylvania against First Financial Asset Management, Inc., a Georgia-based collection agency, for violations of the Fair Debt Collection Practices Act (FDCPA) which prohibits debt collectors from engaging in abusive, deceptive and unfair collection practices. Class members seek injunctive, compensatory and punitive relief. A class action lawsuit was filed in the Southern District Court of Indiana against Professional Recovery Systems, LLC, a Colorado-based collection agency, for violations of the Fair Debt Collection Practices Act (FDCPA) which prohibits debt collectors from engaging in abusive, deceptive and unfair collection practices. Class members seek damages, attorney's fees and costs of the litigation. A class action has been filed against Community Consumer Credit Counseling Service of Utah (CCCS) by the Utah Division of Consumer Protection, on behalf of consumers who have taken part in CCCS’ debt management services. The lawsuit alleges that CCCS violated the Utah Credit Services Organization Act and the Utah Consumer Sales Practices Act.
A statewide class action has been filed in California against collection specialist, Midland Credit Management, Inc., who operate under the name Kansas Midland Credit Management, Inc. The action is brought on behalf of all California residents who received a collection letter from Midland which offered to settle their alleged debt for a lesser amount, if payment was made immediately. The action is brought under the federal Fair Debt Collection Practices Act and seeks statutory damages as well as injunctive and declaratory relief. Hundreds of thousands of former BankBoston customers have yet to claim $25 payments they are entitled to under a $12.5 million class-action settlement with Bank of America.
Court documents indicate only about 58,000 account holders have filed claims so far, or less than 10 percent of the total. The precise size of the class is unknown, but it is estimated to be 584,000 to 1 million account holders.
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