CLASS ACTION UPDATE: Visa And Mastercard Antitrust Class Action To Push Forward After Judge Releases Ruling
A judge from the United States (U.S.) District Court for the District of Columbia has approved the certification of three Classes in a case filed against financial services companies Mastercard and Visa.
District Judge Certifies Class, Allows Proceedings To Move Forward
The latest decision, ordered by U.S. District Judge Richard J. Leon, has signaled the approval for the legal proceedings involving the case will push through. The Visa And Mastercard ATM Fees Lawsuit is a class action filed by complainants led by non-profit financial group National ATM Council.
Plaintiff National ATM Council and others contend that defendants Visa, Mastercard, and the like overcharged customers on access fees at different ATM (automated teller machines) locations in the country.
Judge Leon’s latest pronouncements in the case are said to benefit and cover millions of financial clients and thousands of teller companies that were negatively impacted by Visa and Mastercard’s fraudulent actions.
Class Action Brief
The decade-old Visa And Mastercard ATM Fees Class Action Lawsuit contend that both Mastercard and Visa used their influence and interfered with market rates to charge banking clients at much higher access rates.
On the other hand, both financial companies maintained their innocence throughout the whole ordeal. They shared that they do not set rate amounts, and no damages from the plaintiffs’ part were proved yet.
After years of being tossed around in legal proceedings, this case is expected to move forward. Consider The Consumer will continue to cover this case’s developments as soon as they are released to the public.
About The Defendants
Visa Inc., or simply called Visa in this feature, is a California-based financial services company. Founded in 1958 by Dee Hock, the company has grown to become one of the key players in the global financial services industry. Visa provides services and monitors electronic money transfers between different parties via their different card offerings.
Meanwhile, Mastercard, also officially known as Mastercard, Inc., is a financial technology and services company that offers almost all of the same services and products being offered by fellow Visa. They also offer their own Mastercard-branded cards available for use.
Editor’s Note on Visa And Mastercard ATM Fees Class Action Lawsuit:
This class action update discusses the latest developments in the court case that both Visa and Mastercard are facing after they were accused of controlling the ATM rates they pass on banking customers and ATM companies for years. Recently, a class action was filed against Wells Fargo Bank over illegal mortgage fees.
Case Name(s) & No.(s): National ATM Council, et al. v. Visa Inc., et al.; Case No.: 1:11-cv-01803
Jurisdiction: United States (U.S.) District Court for the District of Columbia
Products/Services Involved: Visa and Mastercard ATM access rates and charges
Allegation(s): Financial giants Mastercard and Visa allegedly engaged in antitrust actions at the expense of millions of banking clients and teller operators in the country.
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