news body Washington, DC (Nov. 27, 2012) – Today a majority of named class plaintiffs filed a notice of appeal to challenge a ruling from the U.S. District Court for the Eastern District of New York granting preliminary approval to a proposed settlement of a long-standing antitrust class action filed by merchants against Visa, MasterCard and the largest banks. The merchant group will ask the U.S. Court of Appeals for the Second Circuit to deny preliminary approval due to the legal defects in ...

news body Washington, DC (October 11, 2012) – Today a majority of the named plaintiffs representing the class of all merchants in the case of “In Re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation” announced their opposition to the proposed antitrust settlement agreement with Visa, MasterCard and some of the nation’s largest banks. The named plaintiffs object to the proposed settlement that is expected to be filed next week, because rather than reforming the ...

More consumers flocked to credit unions last month than in all of 2010 combined, likely in part due to the controversy surrounding debit card fees. At least 650,000 customers opened new accounts at credit unions since September 29, the day Bank of America announced it would charge customers a $5 per month fee to use their debit card for purchases starting in 2012, the Credit Union National Association estimates. If that number holds true, it would be more than the 600,000 consumers that joined ...