JPMorgan, BofA, Others Sued Over $54B In Swipe Fees

Law360, Los Angeles (December 16, 2013, 9:24 PM EST) -- JPMorgan Chase & Co., Bank of America Corp. and other top banks were hit with a proposed class action in California federal court Monday by a group of MasterCard and Visa cardholders who say the banks conspired to fix “interchange fees,” resulting in $54 billion in illegal charges per year.

The suit comes just days after a New York federal judge approved a proposed $7.25 billion antitrust settlement — believed to be the largest antitrust settlement ever — over Visa Inc. and MasterCard Inc.'s alleged conspiracy...
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