I learned that a judge recently ruled against Visa and MasterCard. They had sought dismissal of cases brought against them by the retailers who refused to sign on to the huge settlement reached over processing fees. This seems like really bad news for the card companies. Do you agree?
David Hampton, Merchant Level Salesperson
David,
The July 18, 2014, decision by Judge John Gleeson to let a number of antitrust lawsuits by retailers who opted out of the $7.2 billion settlement of the class-action brought against Visa Inc. and MasterCard Worldwide wasn't really a setback for the card brands. This is because it wasn't a ruling on the merits of the retailers' cases. Approximately 30 major retailers refused the settlement, including Macy's Inc., Target Corp., Wal-Mart Stores Inc., 7-Eleven Inc. and Amazon.com Inc.; a primary objection was that they felt the amount of the settlement was inadequate.
After handing down his decision, Gleeson reportedly stated that at this early stage in the litigation, he was required to allow credibly argued claims to continue. Separately, Gleeson, who sits on the U.S. District Court for the Eastern District of New York, also denied requests made by Wal-Mart and certain retail groups to dismiss related cases brought against them by Visa and MasterCard.
Editor
I see you now have several videos featured on your site. What prompted this? Do tell.
Sarah Abbott, Redbriar Merchant Services
Sarah,
The huge popularity of sites like YouTube speaks to the tremendous power of video. And we are delighted to now offer payment companies another way to communicate with our loyal readers. Video complements the written word and is a refreshing, immediate way to tell the payments community about your latest products, services and programs, as well as convey what is truly unique about your company. Danielle Thorpe, our Assistant Vice President, Media Relations, has full details. She can also give you a tour of our website so you can take full advantage of what The Green Sheet has to offer. Danielle can be reached at 707-284-1686 or danielle@greensheet.com.
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