Court Denies Some Claims In Interchange Fee Case

Law360, New York (January 15, 2008, 12:00 AM EST) -- Following a magistrate judge's recommendation, the federal court in charge of the ongoing antitrust case over credit card interchange fees has struck down claims for damages incurred before Jan. 1, 2004.

Mastercard Inc. and Visa USA Inc. are accused of engaging in price-fixing when setting up interchange fees, a payment processed through a merchant's bank and a consumer's credit card bank whenever the consumer pays with a credit card.

The complaint defines two putative classes – one that seeks monetary damages and is defined as “all...
To view the full article, register now.