Visa Inc

News & Analysis as of

Appeal Dismissed: SCOTUS Delivers Tough Lesson to Be Careful What You Ask For

Traditionally, when litigants think of preservation, they think about advancing an argument in a lower court in order to be able to present it to a higher court on appeal if necessary. But the strict requirements for...more

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

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

Your Daily Dose of Financial News

For a start-up looking to unseat Bloomberg as the go-to insider source for financial news [other than this blog, of course], there’s a surefire way to gain some instant credibility: hire one of Bloomberg’s former top execs,...more

Visa Issues Security Alert Warning of Oracle MICROS POS Compromise

We reported last week that Oracle’s MICROS point-of-sale devices had been compromised. On the heels of the compromise, Visa sent out a security alert last Friday to merchants warning companies that use Oracle’s MICROS...more

What Have Merchants Gained from Payment Card Antitrust Litigation?

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

Network Rules Occupy Second Circuit, U.S. Supreme Court

Issues surrounding network rules made headlines recently, with the Second Circuit Court of Appeals rejecting a $7.25 billion deal between Visa and MasterCard and approximately 12 million merchants claiming the networks worked...more

Procompetitive Effects of Business Associations in the Balance?: Business Association Membership and the Sufficiency of Sherman...

What facts beyond mere membership in a trade association trigger Sherman Act liability? Next term, the Supreme Court will hear an antitrust case testing the requirements for pleading the conspiracy element of a claim brought...more

Declined: Second Circuit Panel Shreds Visa and MasterCard Antitrust Settlement

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

Visa/Mastercard Class Action Settlement Struck Down Due To Intraclass Conflict

Last week, the Second Circuit reversed the approval of what was reportedly the largest antitrust class action settlement in history, valued at $7.25 billion. In re Payment Card Interchange Fee and Merchant Discount Antitrust...more

Home Depot Alleges Visa, MasterCard Colluded To Delay Chip-and-PIN Implementation; Exposed Retailers, Consumers to Data Breach...

A recent bombshell lawsuit by The Home Depot alleges patterns of antitrust violations, illegal collusion, and anti-competitive conduct by the Visa and MasterCard credit card networks. The suit arises in a climate in which the...more

Does Your Company Have Coverage for PCI Fines & Penalties in its Cyber Policy?

Payment Card Industry fines and penalties are fines charged by payment card brands like Mastercard and Visa to merchants’ acquiring banks for violation of their industry rules and regulations, which often occurs when there is...more

Your daily dose of financial news - The Brief – 6.16.16

As expected, the Fed announced yesterday that it was holding current interest rates steady and would be slow to push rates up while the economy tiptoes toward stability. Much more from Chair Yellen and economists’ reaction...more

Noodles & Company alerts customers of credit card compromise

According to Noodles & Company (“Noodles”), it received information from Visa that Visa cards used by customers at its fast-food chains since January have “possibly” been compromised. It is presently investigating unusual...more

[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

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

What Knowledge Of A Potential Cause Of Action Starts The Limitation Clock Running?

Even where a claim is evidentially weak, and the relevant law complex, the limitation period starts as soon as a claimant has enough facts to make its cause of action complete. Under s32 Limitation Act 1980 (the Act), if a...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

Members of Congress Recommend Changes to the CFPB’s Proposed Prepaid Account Rule

The comment period to the CFPB’s Notice of Proposed Rulemaking for Prepaid Accounts (the “Proposed Rule”) closed in March, but 43 Members of Congress (42 Republicans and 1 Democrat) recently sent a letter to Director Cordray...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

Still a Target: Court Certifies Bank Class Claims Against Retailer Following Data Breach

Although Target has tentatively settled consumer data breach class action claims, the retailer remains in the crosshairs of the plaintiffs’ class action bar. On September 15, a Minnesota federal district court certified a...more

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