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US: Class action stirs up interchange fee saga

By  |  December 17, 2013

A class action suit has been filed in California against major banks including Bank of America Corp and JPMorgan Chase & Co. seeking damages for the lenders’ alleged involvement in fixing interchange fees with credit card giants Visa and MasterCard.

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    The law suit stirs up the swipe fee debate once again, just days after a federal judge in New York approved a record-setting $7.25 billion settlement offered by the credit card giants for similar allegations.

    Reports say the California class of Visa and MasterCard cardholders claims the banks colluded to fix swipe-fee rates, resulting in $54 billion in excess fees every year. Further details were not immediately available.

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