Card Issuers Face Antitrust Suit Over High Fees

Law360, New York (March 8, 2007, 12:00 AM EST) -- A purported class action has targeted the largest U.S. credit card issuers for allegedly engaging in a price-fixing conspiracy over their penalty fees.

The action was filed Tuesday in the U.S. District Court for the Northern District of California, claiming Wells Fargo, Bank of America, JP Morgan and other large issuers were gouging cardholders by charging excessive late fees and over-limit fees.

The complaint alleged that the issuers, who enjoy a total of 70% of the credit card market, have colluded to restrain competition over the...
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