Retailers Seek Class Cert. In Card Chip Antitrust Suit
Law360, New York (March 13, 2017, 5:34 PM EDT) -- A group of retailers has asked a California federal court to certify a class in a lawsuit alleging Visa, Mastercard, American Express and Discover conspired to unlawfully shift fraud liability to merchants, despite complications in switching to a new security chip system.
The merchants, which include supermarkets and a liquor store, said the evidence was clear that the credit card companies simultaneously implemented nearly identical changes to their rules that shifted the costs of potentially billions in fraud-related chargebacks onto merchants who had not purchased terminals compliant with so-called EMV — Europay, MasterCard, Visa — technology by October 2015.
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