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US: Class action stirs up interchange fee saga

 |  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.

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.

Full Content: Property Mentor Group

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