Big Banks Can't Dodge Merchants' Swipe Fee Claims

Law360 (December 2, 2019, 8:04 PM EST) -- A New York federal judge has rejected Bank of America, Barclays and other big banks' effort to escape litigation over excessive swipe fees because she wasn't convinced they had withdrawn from the alleged conspiracy as they had claimed.

Six banking giants — Citigroup, Wells Fargo, JPMorgan Chase, Capital One, BofA and Barclays PLC — sought to extricate themselves from retailers' potential class action alleging they worked with card networks Visa and Mastercard to maintain a series of anti-competitive rules that stuck merchants with high transaction fees.

The banks insisted in April that the allegations against them are misplaced, as they said...

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