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Sunday, 26 May 2013 - 13:21
US credit card giants sue retailers
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US credit card giants Visa and Mastercard sued retailers that rejected a multibillion-dollar settlement over transaction fees and asked the court to rule the fee practices weren't illegal.

 

The latest legal manoeuvre comes after years of legal battles over so-called "swipe" fees retailers must pay credit card in each transaction.

 

Last year, in a proposed settlement, Visa, MasterCard and some banks that issue their cards agreed to pay more than US$6 billion to millions of merchants that had sued them for allegedly fixing the card use fees.

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