Visa, MasterCard in $7.3 billion settlement over credit card fees.
Plaintiffs attorney Martin Lueck, chairman of the executive board of Robins, Kaplan, said the allowed “surcharge” is actually a pro-consumer provision of the settlement. “Really it’s a discount that the merchants are now allowed to offer for the less expensive form of payments,” he said. He also said merchants would for the first time be allowed to disclose how much it costs them to accept credit cards.
– Genaro C.Armas, Associated Press; Geoff Mulvihill, Associated Press; Mark Scolforo, Associated Press
From Washington Post…
Judge Approves Visa, Mastercard $5.7 billion settlement with retailers.
“It will reduce the fees and overall prices that consumers pay, which is good for merchants and consumers,” said Patrick J. Coughlin, one of the merchants’ attorneys and senior trial counsel at Robbins Geller, Rudman & Dowd. “There will be more transparency in the pricing.”
– Danielle Douglas