On Tuesday, May 12, a group of retailers filed a class action lawsuit in Texas federal court against Visa and MasterCard, accusing the payment card giants of conspiring in violation of federal antitrust laws, unlawfully restraining competition and forcing merchants to pay excessive interchange fees to accept payment from Visa and MasterCard credit and debit cards, according to a report on Topclassaction.com
Kwik Trip Inc., Allsup’s Convenience Stores Inc., RaceTrac Petroleum Inc., Quick Chek Corporation f/k/a Quick Chek Food Stores and Wawa Inc. were among the plaintiffs in the lawsuit.
According to the swipe fee class action lawsuit, banks have entered into membership agreements with Visa and MasterCard, which prohibit them from competing for merchant acceptance of the credit and debit cards they issue. The swipe fee class action lawsuit names Visa Inc., Visa USA Inc., Visa International Service Association, MasterCard Incorporated and MasterCard International Incorporated as defendants, the Website reported.
The plaintiffs are seeking damages, attorneys’ fees, costs of the lawsuit, and pre- and post-judgment interest. They have demanded a jury trial for this swipe fee class action lawsuit.
Earlier this year, Visa and MasterCard reached undisclosed settlements with a group of merchants who had opted out of a massive $7.25 billion class action settlement over its swipe fee policies.