Retailers To Target Visa, Mastercard

Thu., Jan. 27, 2000

From Staff

Some of the United States’ biggest retailers will claim in federal court later this year that they have suffered $8.1 billion in damages as a result of Visa and MasterCard unfairly forcing them to accept their debit cards.

Wal-Mart Stores Inc. and Sears, Roebuck & Co., along with Safeway Stores Inc., Limited Inc., Circuit City Stores Inc. and others could recover triple damages of $24.3 billion, if they prove that Visa USA Inc. and MasterCard International violated antitrust laws.

The retailers charge that Visa and MasterCard unfairly control the credit-card market in today’s buy-now-pay-later economy, and that no merchant can get along without them.

Retailers say that Visa and MasterCard use their monopoly power to force retailers accepting Visa or MasterCard to also take other forms of the card, including so-called “check cards” that deduct money directly from the user’s bank account.

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Retailers To Target Visa, Mastercard

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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