Visa Inc

News & Analysis as of

Privacy & Cybersecurity Update - August 2015

Third Circuit Affirms FTC’s Authority Over Cybersecurity: In the Wyndham case, the Third Circuit affirmed that the FTC has the authority to regulate cybersecurity under Section 5 of the FTC Act, and that the language of...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

EMV Liability Shift Update – What Liability Actually Shifts?

With the October 1, 2015 liability shift deadline looming, merchants who have not yet made the change continue to evaluate the cost of accepting EMV cards versus the liability that will shift from the issuer to the merchant...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

Breaking News: Target to Settle Data Breach Claims of Visa Card Issuers for $67 Million

Target has announced that it has entered into a settlement with Visa to resolve claims of issuers of Visa credit and debit cards arising from Target’s November 2013 data breach. The proposed settlement will pay issuers of...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

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

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

Cybersecurity Coverage Litigation: Learning to Survive After the Second Wave Hits

It’s a familiar pattern. First, new risks inspire legislation and regulations that impose new penalties. Next, insurers and policyholders fight over whether the new liabilities are covered under traditional liability...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

Retailers' Claims Against Visa Time Barred

In Arcadia Group Brands Ltd & ors v Visa Inc & ors [2014] EWHC 3561 (Comm) the Commercial Court has struck out a substantial damages claim for alleged breaches of competition law on the basis that it was time-barred, granting...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

Visa, Pew Develop Voluntary Prepaid Card Standards

On June 3, Visa announced that it teamed with Pew Charitable Trusts to develop voluntary prepaid card standards and a designation for cards that meet those standards. To qualify for the designation...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

Financial Services Law - Jan 30, 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

Court Approves $7.25 Billion Settlement of Antitrust Class Action Relating to Visa and MasterCard Interchange Fees

In the face of objections from some of the nation’s largest retailers, a New York federal judge has approved a massive settlement between a putative class of approximately 12 million merchants and Visa, MasterCard, and...more

Visa and MasterCard Win Approval for $5.7 Billion Settlement Ending Years of Litigation

Today Visa Inc. and MasterCard Inc. won approval for a $5.7 billion settlement that ended years of litigation with United States merchants over allegations that credit card swipe fees are improperly fixed. U.S. District Judge...more

New York Federal Court Blocks Enforcement of “No Credit Card Surcharge” Law

Commenting that “Alice in Wonderland has nothing on” a New York law that prohibits merchants from imposing a surcharge on credit card purchases, a New York federal court has entered a preliminary injunction that prohibits the...more

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