Target, Macy’s, and other retailers May 23 mounted federal antitrust claims against Visa and MasterCard, saying they exploited their market power to gouge merchants who pay percentage-based fees on credit card and debit transactions (Target Corporation v. Visa Inc.).
“Visa and MasterCard, on behalf of their member issuing banks, have exploited their market power in the market for merchant acceptance of credit cards and the market for merchant acceptance of debit cards by creating interchange fee schedules designed to increase the amount of interchange issuing banks are able to obtain from merchants,” said the 81-page complaint, which ...
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