News & Analysis as of

Banking Sector Merchants

Sheppard Mullin Richter & Hampton LLP

FDIC Orders Bank to Pay $1.225 Billion for Alleged Interchange Fee Misclassification 

On April 18, the FDIC announced a consent order against a Delaware-based bank alleging that the bank engaged in unsafe and unsound banking practices and violated various federal consumer protection laws, including Section 5...more

Goodwin

Want to Have Customers Cover Payment Processing Fees? What You Need to Know About Credit Card Surcharging

Goodwin on

Credit card surcharging is on the rise. Imposing a surcharge in a compliant manner is more than adding a fee at the point of sale. Below we review on a high level the legal and commercial considerations for merchants before...more

Bradley Arant Boult Cummings LLP

The Economic Loss Doctrine as a Barrier to Data Breach Recovery

We recently commented on one hotly contested legal issue being addressed by the courts in data breach class action litigation, that of plaintiffs’ standing. Another issue that has been the subject of recent court activity in...more

Goulston & Storrs PC

Credit Card Evolution: Goodbye John Hancock

Goulston & Storrs PC on

For years, the signature requirement for completing a credit card transaction has felt something like an obsolete means of confirming a user’s identity. ...more

Troutman Pepper Locke

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

Troutman Pepper Locke on

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

Robinson+Cole Data Privacy + Security Insider

Privacy Tip #57 – Do Those Chip Credit Cards Really Protect Me from Fraud?

There are a half a billion chip cards in the market right now. They have been touted to improve security and reduce credit card fraud. But do they? According to a new report, both Visa and MasterCard have reported that...more

Carlton Fields

Declined: Second Circuit Panel Shreds Visa and MasterCard Antitrust Settlement

Carlton Fields on

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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