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Retail group against revised card settlement
Legal Business |
2012/10/26 16:26
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A proposed settlement in a class-action lawsuit brought by retailers and trade groups against Visa Inc. and MasterCard Inc. fails to protect merchants from abuse by credit card companies, a national retail group says.
The lawsuit, which dates to 2005, centers on the subject of swipe fees — charges banks collect every time a Visa or MasterCard is used to pay for a purchase.
The proposed settlement terms, initially disclosed in July, were revised and filed Friday with U.S. District Court in Brooklyn.
But changes to the deal failed to win over many of the retailers represented by the National Retail Federation.
In a statement Mallory Duncan, the trade group's general counsel, said that the proposed deal does virtually nothing to protect retailers or their customers, and it attempts to silence any objections for years to come.
"Retailers would rather take their chances in court than accept this one-sided swindle written by the card industry for the card industry," he added.
The National Retail Federation, the nation's largest retail trade group, is not a party to the lawsuit.
In a statement Friday, Visa called the settlement a fair and reasonable compromise.
Under the proposed settlement, stores will be allowed to charge customers more if they pay with a credit card. The pact covers only U.S. transactions. |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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