In 2004, a group of ATM cardholders sued a number of big banks, including JP Morgan Chase, Wells Fargo and Bank of America, over ATM fees charged at out-of-network machines. The plaintiffs had charged the banks with antitrust violations, and filed a case in civil court.
This week, Judge N.R. Smith of the 9th U.S. Circuit Court of Appeals dismissed that suit, Reuters reports, on the grounds that the plaintiffs did not have proper standing from which to file the suit. Because the ATM network fee is charged to other banks before being passed on to consumers, the court saw cardholders as indirect purchasers in this case.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More