A retailer group that includes Albertsons, Kroger, Safeway, Ahold USA, and Walgreen has filed a lawsuit in US District Court for the Southern District of New York charging Visa International and Visa USA with setting rules that limit competition and allow it to charge inflated fees.
The retailers say that Visa illegally bundles its products, forcing them to accept all of its products if they want to be charged lower fees.
The retailers are seeking an injunction and triple damages from Jan. 1, 2004 to the present. MasterCard is not named in this suit, thought it was named in another recent lawsuit by a group of smaller retailers, charging that Visa, rival MasterCard and some banks conspired to keep rates high.
The retailers say that Visa illegally bundles its products, forcing them to accept all of its products if they want to be charged lower fees.
The retailers are seeking an injunction and triple damages from Jan. 1, 2004 to the present. MasterCard is not named in this suit, thought it was named in another recent lawsuit by a group of smaller retailers, charging that Visa, rival MasterCard and some banks conspired to keep rates high.
- KC's View:
- Usury used to be a crime, but the banks and credit card companies have raised it to an art form.
