News & Analysis as of

Settlement Credit Cards

Hudson Cook, LLP

National Bank Reaches Settlement with the CFPB for Alleged Credit Reporting Violations

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On September 11, 2024, the CFPB issued an administrative consent order against the Bank, alleging multiple violations of the Fair Credit Reporting Act (FCRA), the Consumer Financial Protection Act (CFPA), and the Furnisher...more

Davis Wright Tremaine LLP

Proposed Visa/Mastercard Interchange Fee Settlement – A Sea Change or Drop in the Ocean for Merchants?

The series of antitrust class action lawsuits first brought by U.S. merchants against Visa and Mastercard in 2006 continued its winding path toward closure as the parties announced in March 2024 that they had reached a...more

Lathrop GPM

Payment Card Settlement Claim Deadline Extended to August 30, 2024

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A very large class action settlement has an approaching deadline for class members to file claims. The class is very broad, defined as “all persons, businesses, and other entities that have accepted any Visa-Branded Cards...more

Hudson Cook, LLP

CFPB Fines Major Bank $26M for Allegedly Discriminating Against Armenian Americans

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On November 8, 2023, the Consumer Financial Protection Bureau announced that one of the nation's largest banks (the "Bank") agreed to settle charges that the Bank engaged in a pattern or practice of discriminating against...more

Troutman Pepper

New York AG Announces Settlement With Avis Budget Group

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On August 15, New York Attorney General (AG) Letitia James announced a settlement with Avis Budget Group Inc. (Avis Budget), for allegedly denying car rentals to customers who did not possess a credit card. Under the terms of...more

Troutman Pepper

FTC Reaches $16 Million Settlement With Payment Processors Over Alleged Credit Card Laundering

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The Federal Trade Commission (FTC) has reached a settlement with Nexway, Inc. (Nexway), its affiliated companies, and officers for allegedly facilitating tech support scams in violation of Section 5 of the FTC Act and the...more

Sheppard Mullin Richter & Hampton LLP

Graduation Goods Settlement: A Good Reminder of AGs’ Data Security Priorities

The New York and Pennsylvania AGs settlement with Herff Jones from late last year provides guidance to businesses about expected security measures as we enter into 2023. The case arose after Herff Jones, producer and seller...more

WilmerHale

$8 Million Multistate Settlement Resolves 2019 Data Breach Investigation

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State Attorneys General settle with Wawa, Inc. for 2019 data breach that compromised approximately 34 million payment cards used by consumers. On July 26, 2022, Acting New Jersey Attorney General Matthew J. Platkin...more

Venable LLP

FTC Approves Administrative Settlement with Payment Processor, Electronic Payment Systems

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Yesterday, the Federal Trade Commission (FTC) moved to dismiss its long-running enforcement action against Electronic Payment Solutions (EPS) pending in the District of Arizona after the Commission voted 4-0 to approve a...more

Wiley Rein LLP

Wiley Consumer Protection Download (February 16, 2021)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Goodwin

FTC Announces $10.9 Million Settlement for Credit Card Laundering Scheme

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On February 10, 2021, the Federal Trade Commission (FTC) announced settlements with two payment processing companies and two individuals, resolving claims concerning an alleged credit card laundering scheme perpetrated in...more

Goodwin

SEC Issues No-Action Relief On Registered Funds’ Custody Of Loan Interests

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In this Issue. The U.S. Securities and Exchange Commission (SEC) was very active this week, having (i) issued no-action relief allowing registered funds to engage in self-custody of interests in loans that are originated,...more

Goodwin

State AGs Announce $4.2 Million Settlement with National Bank for Alleged CARD Act Violations

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On February 8, state ​Attorneys General for North Carolina, Iowa, Massachusetts, New Jersey, and Pennsylvania (State AGs) announced a $4.2 million settlement ​with a national bank to resolve allegations that it overcharged...more

Goodwin

FTC Reaches Settlement with Two Nevada Companies for Alleged Credit Card Scheme

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On January 29, 2021, the FTC announced that it filed a proposed settlement in the District of Nevada with two Nevada-based consulting companies, resolving claims ​that the companies violated the FTC Act, Telemarketing and...more

Goodwin

FTC Reaches $1.5 Million Settlement with Payment Processor Over Fraud Allegations

Goodwin on

On December 10, 2020, the Federal Trade Commission (Commission) announced that it reached a settlement with a payment processor and its former CEO for alleged violations of the Federal Trade Commission Act (FTCA). ...more

Sheppard Mullin Richter & Hampton LLP

Travel Giant Sabre Reaches Deal with State Attorneys General Over Data Breach

The travel giant Sabre Corp. has reached an agreement with multiple State Attorneys General to pay $2.4 million and make certain changes in its cybersecurity policies to settle a multi-state investigation into a 2017 data...more

ArentFox Schiff

Interactive Newsletter: Inside the Privacy Shield Annual Review

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Inside the Privacy Shield Annual Review - Dozens of senior US and EU government officials were joined by officials from data protection authorities in Austria, Bulgaria, France, Germany and Hungary to discuss whether the...more

Davis Wright Tremaine LLP

Visa and Mastercard Obtain Preliminary Approval of Second Attempt at Interchange Settlement

On January 24, 2019, Judge Margo K. Brodie of the U.S. District Court for the Eastern District of New York granted preliminary approval of Visa and Mastercard’s second attempt to settle the 13-year old antitrust litigation...more

Manatt, Phelps & Phillips, LLP

Card Networks and Merchants Reach New Settlement Terms

Will the second time be the charm? Two credit card networks and merchants representing the class suing them reached a revised agreement to put an end to a 13-year-old antitrust class action concerning the interchange fees...more

Katten Muchin Rosenman LLP

What Investors Need to Know About the New $6.2 Billion Visa, Mastercard Settlement

Visa, Inc., Mastercard, Inc., and other financial institutions have agreed to pay merchants between $5.56 billion and $6.26 billion to settle a 13-year old antitrust litigation. For years, the case has driven shrewd investors...more

Ballard Spahr LLP

Eighth Circuit Remands Proposed Settlement in Target Data Breach Class Action

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The Eighth Circuit Court of Appeals has remanded a $10 million settlement in the Target data breach class action on the grounds that the district court had not rigorously analyzed the propriety of the class certification. ...more

Troutman Pepper

When Classes Collide: Court Rejects $7.25 Billion Visa/MasterCard Settlement, Competition News Volume 2016, Issue 1

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The Second Circuit’s decision highlights that, whenever there are groups of plaintiffs that will obtain different categories of relief as a part of a settlement, both plaintiffs and defense counsel should seriously consider...more

Bond Schoeneck & King PLLC

Cybersecurity and Data Privacy: Attorney General Reaches Six-Figure Settlement With Entity That Failed to Provide Required Data...

A recent settlement announced by the New York Attorney General’s Office has made clear that failing to provide the required notifications after experiencing a data breach can prove very costly. On August 5th, the Attorney...more

Mintz

What Have Merchants Gained from Payment Card Antitrust Litigation?

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In recent years, federal antitrust enforcers and businesses that accept payment cards have been waging a slow war against payment card fees and the card network rules that protect them. The payment card industry’s antitrust...more

Carlton Fields

Declined: Second Circuit Panel Shreds Visa and MasterCard Antitrust Settlement

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A Second Circuit panel rejected the settlement reached between defendants Visa, MasterCard, and various banks, and plaintiffs, approximately 12 million merchants who alleged the principally identical network rules of Visa and...more

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