MasterCard

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[Webinar] Robins Kaplan Tribal Litigation Update: How Tribes may be able to recover damages from recent antitrust lawsuits - May...

On July 13, 2012, Robins Kaplan LLP reached a $7.25 billion settlement with Visa, MasterCard and major US banks for alleged anticompetitive practices and price fixing in setting credit card interchange fees. One of the lead...more

Your daily dose of financial news The Brief – 4.20.16

As Yahoo took stock of its suitors yesterday, it released word that its business “continued to deteriorate in the first quarter, putting more pressure on the company to find a buyer quickly for its Internet operations.”...more

Authenticating Purchases with Facial Recognition

Facial recognition technology has rapidly advanced in sophistication and accuracy over the years. Early use of the technology was focused on facial detection in security systems. Since 2014, the federal government has...more

Violation of OFAC Reporting Requirements: “No Harm, No Foul”? No Way!

A recent enforcement action by the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) against MasterCard International Incorporated (“MasterCard”) stands as a reminder of the importance of strictly...more

Target Settles Data Breach Class Action Suit With Banks For $39 Million

Target has agreed to a $39 million settlement in a class action suit with several U.S. banks stemming from Target’s massive 2013 data breach. That data breach affected customers who shopped at U.S. Target stores between...more

Target Agrees to $39 Million Settlement with Credit Card Issuers’ Data Breach Claims

Still recovering from its 2013 data breach, Target Corp. agreed to a $39 million settlement with a class of banks suing the well-known retailer, marking the settlement as the first class-wide data breach pact ever reached on...more

Target and Card Issuers Reach Final Data Breach Settlement

Two years after the massive holiday season theft of customers’ payment card data from Target point of sale terminals, the Target data breach litigation appears to be entering its final act. On Tuesday, December 1, Target...more

The EMV Liability Shift - What’s Next?

Over the past several years, the major credit card networks (VISA and MASTERCARD) have begun the process of converting credit card usage in the United States to the EMV standard. The EMV standard is a method of preventing...more

PCI Security Standards Council Issues “How-To” Guide For Responding To A Data Breach

On September 29, 2015, the PCI Security Standards Council (“PCI SSC”) issued a press release and accompanying guidance to businesses for incident response management in the event of a data breach. PCI SSC is a global forum...more

Digital Insights & Trends: Embracing EMV Technology for Fraud Reduction and Loss Prevention

October 2015 represents a significant milepost in the migration of U.S. payments products to EMV chip technology. It also serves as a useful evaluation point as to what the technology achieves and where it falls short. By...more

Business Law: The Distinction of Six of One, Half a Dozen of the Other. Second Circuit Upholds New York’s Prohibition on...

After nearly two years in limbo, the Second Circuit Court of Appeals has decided that the New York law that prohibits merchants from imposing a surcharge on customers who use credit cards is constitutional and, therefore,...more

Credit Card Fraud: EMV compliance and shift of liability as of October 1

As of October 1, 2015, all major credit card companies in the United States (including, Visa, MasterCard, Discover and American Express) will impose a liability shift for counterfeit presentation of payment cards. In the...more

Financial Services Companies Seek Larger Payout in Target Data Security Suit

Attorneys for certain banks and other financial institutions that are caught up in Target’s 2013 data breach are objecting to the $67 million deal struck last week between the retailer and Visa Inc. The banks and credit...more

IP Newsflash - September 2015

DISTRICT COURT CASES - Minnesota Court Awards Octane Fitness $1.7 Million in Attorney Fees and Costs - In the seminal case establishing a lower standard for attorney fees in “exceptional” patent cases—Octane Fitness...more

Potential Game Changers: Roundup of Legal Changes in the China Payments Industry

DOMESTIC BANK CARD CLEARING MARKET OPENS UP Only a few months ago, the State Council's announcement of the Decision on the Implementation of Market Access Administration in relation to Bank Card Clearing Institutions...more

Banks’ Class Certification Motion Trumpets Target Data Security Failings, Ignores Impact of Card Association Settlements

Card-issuing banks are forging ahead with their lawsuit against Target arising from the 2013 holiday shopping season data breach. Their July 1 motion for class certification has just been unsealed, allowing a glimpse at...more

Target Reaches $67 Million Settlement with Visa over Data Breach Claims

More than a year-and-a-half after Target’s December 2013 announcement of a massive data breach, the retailer has reached an agreement with Visa, whereby it will reimburse Visa and certain affected card issuers up to $67...more

Target and Visa reach $67M settlement

Visa, Inc. announced on August 18th that it has reached a settlement with Target for $67 million to reimburse Visa for costs associated with the Target data breach in late 2013, including issuing millions of new cards to...more

Court Revives Antitrust Suit Against MasterCard, Visa, Three Banks

A federal appeals court has revived a lawsuit accusing MasterCard, Visa and three major banks of illegally fixing ATM prices to the detriment of consumers. A federal district judge had thrown out the lawsuit in 2013 after...more

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

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