Previously Banned Fees Charged to Consumers Now Permissible for Visa and MasterCard Transactions

Schnader Alert by Pat Horan:

In November 2012, the U.S. District Court for the Eastern District of New York preliminarily approved a settlement agreement in the In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, and in doing so, paved the way for consumers to now be charged fees by merchants to supplement the costs of accepting credit cards as a method of payment. The terms of the settlement are complicated and merchants are divided on the result. Merchants have until May 28 to object or opt out of the settlement.

Please click here to read the full Alert.