Visa, MasterCard, Banks Call Card-Fee MDL Groundless

Law360, New York (November 2, 2011, 7:30 PM EDT) -- Credit card companies Visa Inc. and MasterCard Inc. and a host of banks fought antitrust and other allegations from a sprawling multidistrict litigation over interchange fees on Wednesday, arguing to a New York federal judge that the merchant plaintiffs have no grounds for their case.

Class and individual merchant plaintiffs allege in the MDL, which was first consolidated in 2005 before U.S. District Judge John Gleeson, that Visa and MasterCard artificially inflated the prices of interchange fees that merchants' acquiring banks pay to customers' issuing banks...
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