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Case ID: 4535 | Credit / Debt | 11/15/2005
In addition to the multiple companies suing Visa and Mastercard over excessive processing fees, two more retail groups announced that they have filed class action suits against Visa USA, MasterCard Inc. and a number of major banks over the fees they charge for processing credit card transactions.
The target of the cases is interchange fees, which are paid by the merchants each time a customer uses a debit or credit card to pay for a purchase. The fees ultimately are passed on to consumers by way of higher prices. "Soaring interchange fees are devastating the retail industry and increasing costs for all American consumers," Thomas K. Zaucha, National Grocers Association's president and chief executive, said in a statement. He blamed the rising fees on lack of a competitive market. A similar suit was filed in September 2005 by four of the nation's largest merchant associations. The plaintiffs in the earlier case — the National Association of Convenience Stores, the National Association of Chain Drug Stores, the National Community Pharmacists Association and the National Cooperative Grocers Association — represent thousands of merchants nationwide. All of the suits accuse Visa, MasterCard Inc. and the card associations member banks of engaging in collusive practices in setting their interchange fees. Both Visa and MasterCard have argued that the fees are fair and have promised to fight the suits. 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 California against collection specialist, Bridgeport Financial, Inc. The action is brought on behalf of all California consumers who have received collection letters from Bridgeport that required them to dispute the validity of the debt under collection in writing only. 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 has been filed by West Virginia homeowners against banking giant Chase Manhattan alleging that the company has systematically preyed on unsophisticated consumers by enticing them into refinancing their homes with loans that are loaded with fees, have higher interest rates than represented and are not serviced appropriately, costing consumers thousands of dollars and possibly their homes. Brought on behalf of all West Virginia mortgage borrowers whose loans have been serviced by Chase at any time since October 9, 1999, the action seeks compensatory, statutory and punitive damages as well as injunctive and declaratory relief. It's scary to think about, but every American with a credit card or bank account is being tracked very carefully. The parties have reached a tentative nationwide settlement in three related actions filed against the three major credit reporting bureaus, Experian Information Solutions, Inc., Equifax Information Services, LLC, and Trans Union, LLC on behalf of consumers whose credit reports reflected a bankruptcy reference on joint accounts after April 20, 1998, without making it clear that the person who was the subject of the credit report was not the one who had actually filed bankruptcy. Consumers who are eligible to participate in these actions do not need to take any action to be considered class members.
A class action, which apparently covers all U.S. residents, has been filed in Pennsylvania against mortgage giant Chase Manhattan Mortgage. The action is brought on behalf of all consumers who, since 2001, were not furnished with mandatory credit information, or provided with contact information for obtaining this information, after Chase either denied them a mortgage loan or provided one with elevated interest rates or fees. The consumers are seeking compensatory, statutory and punitive damages.
Yahoo Agrees to Settle with Checkmate. 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.
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