Legal News

Class Action Lawsuit Filed Against Visa, Mastercard, Alleging Price Fixing Conspiracy
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

 

Camp Fiorante Matthews and Branch MacMaster, both Vancouver based law firms, have filed a class action lawsuit against Visa, Mastercard and some of the country’s largest banks, for allegedly conspiring to fix prices on the fees paid by merchants on credit card transactions, according to the March 29th article at money.canoe.ca. The suit, which dates back to 2001, seeks to recoup fees for merchants.

The suit alleges that under current rules, merchants are forced to accept every Visa or Mastercard credit card, even if the merchants are charged higher fees, and that merchants are prevented from charging more for payments with premium cards.

  
What
Where


Ward Branch, a partner at Branch MacMaster was quoted as saying: “Our research suggests that these fees cost Canadian merchants $5 billion in 2009 alone. The system is bad for Canadian merchants, Canadian consumers and for the Canadian economy as a whole.”

In 2010, Finance Minister Jim Flaherty introduced a voluntary code of conduct for the industry, requiring a higher level of transparency regarding pricing and charges. Earlier in 2011, the Canadian Federation of Independent Business launched a campaign, encouraging consumers to use cash or debit cards versus credit to protest the high fees.

In addition to Visa and Mastercard, the lawsuit also names BMO Financial Group, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Toronto-Dominion Bank, Bank of America, Capital One and Citigroup.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!






 

RELEVANT JOBS

Associate Attorney

USA-PA-Exton

ASSOCIATE ATTORNEY McKenna Snyder LLC, a law firm in Exton, PA has an immediate opening for an ex...

Apply now

Attorney

USA-MI-Sturgis

Qualifications: HaasCaywood is seeking associate attorneys for our Coldwater and Sturgis, Michiga...

Apply now

Attorney

USA-MI-Coldwater

Qualifications: HaasCaywood is seeking associate attorneys for our Coldwater and Sturgis, Michiga...

Apply now

Deputy General Counsel / Senior Deputy General Counsel

USA-CA-Sacramento

Cal Cities Culture and Mission Cal Cities is dedicated to creating a collaborative and inclusive ...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Education Law Attorney

USA-CA-El Segundo

El Segundo office of a BCG Attorney Search Top Ranked Law Firm seeks an education law attorney with ...

Apply Now

Education Law Attorney

USA-CA-Carlsbad

Carlsbad office of a BCG Attorney Search Top Ranked Law Firm seeks an education law attorney with 4-...

Apply Now

Education Law and Public Entity Attorney

USA-CA-El Segundo

El Segundo office of a BCG Attorney Search Top Ranked Law Firm seeks an education law and public ent...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top