A PYMNTS Company

US: Visa sues Home Depot to block new attack against swipe-fees

By  |  January 15, 2014

After Home Depot decided to opt out of the massive, recently-approved settlement offered by Visa and MasterCard to end litigation against their alleged manipulation of swipe-fee rates, reports say the Home Depot, looking to launch its own fight against the fees, is now being sued by Visa to block such a suit.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Visa reportedly filed the law suit last Tuesday in New York in efforts to have a judge rule that the home construction outlet does not have legal standing to recoup damages sought from the swipe-fee allegations. Visa and MasterCard were sued by a group of some of the nation’s largest retailers, alleging the credit card firms colluded to raise swipe-fee, or interchange fee, prices.

    The credit card firms settled for more than $5 billion, lower than the original $7.25 billion offered due to so many retailers opting out of the settlement.

    The Home Depot was one of those stores that opted out of the offer; Visa is now looking to legally block the merchant from being able to file a new suit over the interchange fee allegations.

    Full Content: BizJournals

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.