UPDATE: In the massive antitrust class action against Visa, Mastercard and more than 25 banks, the deadline has been extended to February 4, 2025 for victims of overpaid credit or debit card transaction fees to file a claim...more
Card network giants, Visa and Mastercard, are getting scrutinized by the Senate Judiciary Committee over an increase in swipe fees....more
We Work’s largest investor, SoftBank, is reportedly sketching out plans in which it would drop billions of additional money on the company in return for giving Masa Son control of WeWork “and further sidelin[ing] its founder...more
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
Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more
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
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
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
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
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
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
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
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
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
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