Merchants Say Credit Card Liability Suit Shows Conspiracy
By Jeff Zalesin (May 20, 2016, 9:40 PM EDT) -- A proposed class of retailers told a California federal judge on Thursday that their suit accusing Visa, Bank of America and others of working together to shift credit card fraud risk to merchants during the rollout of microchip-enabled cards has plenty of allegations to show the existence of a conspiracy.
B&R Supermarket Inc. and other retailers asked U.S. District Judge William Alsup not to dismiss their antitrust case, which accuses credit card companies and banks of agreeing to make merchants handle "chargebacks" for fraudulent transactions if they failed to meet an unreasonable October 2015 deadline to get new new payment card...
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