Target Corp., Macy’s Inc. and other companies sued Visa Inc. and MasterCard Inc. over credit-card and debit-card fees after retailers objected to a multibillion-dollar settlement of a similar suit.
In the previous antitrust suit, merchants accused the largest payment-card companies of fixing fees for interchange, or swipe, fees. The retailers bringing the new suit today in Manhattan alleged the $7.25 billion deal was too generous to the card companies and allowed them too much leeway to raise fees in the future.
“Over the past decade, judicial efforts to curb the exercise of market power by the Visa and MasterCard combinations have been ineffective,” the lawyers for the retailers said in today’s lawsuit.
The case is Target Corp. v. Visa Inc., 1:13-cv-03477, U.S. District Court , Southern District of New York (Manhattan). The previous case is In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, 05-md-01720, U.S. District Court, Eastern District of New York (Brooklyn).