MasterCard

News & Analysis as of

Cuba Si! Trade With Cuba … Not Quite Yet

There has been much fanfare surrounding the reestablishment of diplomatic relations with Cuba, starting with President Obama’s announcement of the resumption of bilateral relations, and followed by the formal establishment of...more

CFPB Issues List of Consumer Protection Concerns for New Faster Payment Systems

The Consumer Protection Principles continue the CFPB’s expansive approach. Stating that it wants to ensure that “any new payment systems are secure, transparent, accessible, and affordable to consumers” and have “robust...more

Antitrust Liability And Subsidiary Companies

In Tesco Stores Ltd & ors v Mastercard Inc & ors [2015] EWHC 1145, 24 April 2015, Mastercard was unsuccessful in attempting to strike out the claimants' antitrust claim in relation to the setting of multilateral interchange...more

Visa And MasterCard: Card Issuers May Disclose Breached Merchant Names

Credit union and other card issuers got clarification from Visa and MasterCard this month on when they are contractually permitted to disclose the identities of merchants involved in data breaches. In substantially similar...more

Risky Business: Common Cyber Security Risks, Expensive Consequences

Large-scale data breaches have become increasingly common, bringing with them not only bad press and loss of customer goodwill, but serious monetary risk. New cyber security legislation enacted in multiple states, including...more

Target and MasterCard settlement rejected

We previously reported on the efforts of Target to settle claims made by MasterCard and its issuers as a result of the infamous Target data breach. In order for the settlement of $19 million to reimburse banks and credit...more

Target Proposed $19 Million Data Breach Settlement Falters As Banks Push Back

Banks have stymied an out-of-court settlement reached between Target Corp. and MasterCard in the multi-district litigation over Target’s massive data breach during the 2013 holiday season. MasterCard, who has estimated that...more

Failure to Obtain Required Retailer Approval Scuttles Target-MasterCard Data Breach Settlement

Target’s attempt to resolve claims of MasterCard-issuing banks through a $19 million private settlement with MasterCard has been terminated for failure of issuers of 90% of the affected cards to accept the settlement by the...more

Target Court Refuses to Block MasterCard Settlement Reached Prior to Class Certification

In another development in the multi-faceted litigation arising from Target’s December 2013 data breach, Defendant Target announced a tentative $19 million settlement with non-party MasterCard, to resolve claims of...more

Judge in Target Data Breach Litigation Declines to Block MasterCard Settlement

Senior U.S. District Court Judge Paul Magnuson issued an order on Thursday, May 7 denying a request by counsel for card issuer banks to enjoin the settlement of data breach related claims negotiated between Target and...more

Target and Card Issuers Dispute Use of MasterCard Settlement to Resolve Data Breach Claims

In the wake of Target’s April 15 announcement of a private $19 million settlement of the data breach claims of MasterCard-issuing banks, counsel representing the putative card issuer class in the consolidated Target data...more

Target proposed settlement with MasterCard faces opposition

We previously reported that Target and MasterCard had entered into a proposed $19 million settlement to reimburse card issuers for expenses related to the re-issuance of credit and debit cards to customers affected by the...more

Target settles with MasterCard for $19M for data breach losses

Target Corp. announced yesterday that it has settled the claims of MasterCard International Inc. (MasterCard) against it to reimburse MasterCard and its card issuers for the losses it sustained in issuing new credit and debit...more

Target and MasterCard Reach $19 Million Agreement Over Data Breach

On April 15, retail company Target agreed to set aside up to $19 million to settle claims brought by MasterCard and its credit card issuers to cover operational costs and fraud-related losses resulting from a data breach...more

UPDATE: Target Confirms It Has Negotiated A $19 Million Data Breach Settlement With MasterCard

Target confirmed a report in the Wednesday edition of The Wall Street Journal of a settlement with MasterCard concerning claims of card-issuers arising from Target’s 2013 data breach. The data breach, which occurred during...more

Data Privacy and Security Insider Update - April 2015

Target Corp. announced yesterday that it has settled the claims of MasterCard International Inc. (MasterCard) against it to reimburse MasterCard and its card issuers for the losses it sustained in issuing new credit and debit...more

Report: Target Close To $20M Data Breach Settlement With Master Card

According to a report published today in The Wall Street Journal, Target and MasterCard are close to reaching a settlement of the claims of MasterCard-issuing institutions in connection with Target’s 2013 data breach. The...more

EMV Credit Cards Are Coming, But Consumers Must Stay Vigilant

Major credit card companies, including Visa, MasterCard, Discover, and American Express, have announced plans to switch to EMV cards in the United States over the course of 2015. ...more

Does DOJ’s Victory over American Express Foreshadow More Antitrust Challenges to Come?

American Express has rules that prohibit merchants from discriminating against American Express cards in favor of those issued by other card networks. On February 18, 2015, following a seven-week trial, Judge Garaufis in the...more

PCI-DSS 3.0's Focus on the Data Security Practices of Service Providers

Preventing the unauthorized access to and fraudulent use of credit and debit cards has been a high priority of the payment card industry for years. As the threat environment evolves, so too do the applicable data security...more

NY Regulator Cracks Down on Payday Lenders’ Use of Debit Networks

New York’s Department of Financial Services (DFS) is expanding its efforts to combat illegal payday lending to New York consumers by taking a series of steps to prevent payday lenders from collecting payments through the...more

Canadian Court Certifies Visa/Mastercard Class Action

In reasons publicly released on Thursday March 27, 2014, Chief Justice Bauman certified two classes of Canadian merchants who allege a price-fixing conspiracy related to Visa and MasterCard interchange fees. As the first...more

Visa and MasterCard Endorse HCE

Visa and MasterCard announced in late February plans to support cloud-based mobile payments through a new feature in the Android mobile operating system called Host Card Emulation (HCE). HCE leverages Near Field Communication...more

Visa, MasterCard Announce Payment Security Working Group

On March 7, Visa and Mastercard announced the formation of a cross-industry payment security working group, which the payment system providers state will be focused on “enhancing payment system security to keep pace with the...more

Financial Services Law - Feb 10, 2014

Swipe Fee Settlement Yields More Litigation - Although the parties reached a $7.25 billion class action settlement of the antitrust suit brought by merchants against Visa and MasterCard over swipe fees, the case is far...more

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