A PYMNTS Company

US: New Mexico sues Visa, MC over swipe-fees

By  |  January 2, 2015

On Christmas Eve, New Mexico Attorney General Gary F. King filed an antitrust conspiracy lawsuit against both MasterCard and Visa claiming that the two companies are working together to fix the interchange fees for their merchant clients.

According to reports, the companies have accumulated more than $48 billion a year in these swipe-fees, charged to merchants every time their card is used to pay for purchases.

During the most recent lawsuit against the two credit card companies, New Mexico exempted itself from the settlement and is suing seeking a judgment that would force the two companies to change their policies and compensate for the alleged “economic harm” that they have caused.

 

Full Content: Courthouse New Service

 

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