Visa, MasterCard Seek Stay Of Retailers' Antitrust Suit Over Fees

Visa, MasterCard Seek Stay Of Retailers' Antitrust Suit Over Fees

NEW YORK - In response to retailers' complaint that they exercised their market power to preclude issuing banks from competing for merchant acceptance of credit and debit cards, thereby causing the merchants to pay excessive interchange fees, Visa and MasterCard on June 25 moved to stay all proceedings pending final decision on transfer by the Judicial Panel on Multidistrict Litigation (JPML) (Target Corporation, et al. v. Visa Inc., et al., No. 13-3477, S.D. N.Y.).

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