Liever Hyman Potter
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The attorneys of Liever Hyman Potter

AUTO ACCIDENT ATTORNEYS, PERSONAL INJURY & MALPRACTICE LAWYERS

Since our founding in 1959, we have won thousands of awards and settlements for victims and their families, including million-$ and multi-million-$ settlements.

E-MAIL    |    TEL    610 370 6682    /    570 794 5017    

Our litigation team obtained a settlement with
a lifetime payout of over $12,750,000 for a middle
aged woman who was diagnosed with a brain
arteriovenous malformation.   read more

A $1,280,000 settlement has been reached in
favor of a retired man seriously injured in an
auto accident at a city intersection.   read more

The insurer for the driver of a truck that swerved to
avoid rear-ending a school bus and collided with
another vehicle has paid 1.2 million for the serious
injuries suffered by the other driver.   read more

A daycare center accident that blinded one eye
of a 22-month old child and that “could have and
should have been prevented,” has been settled...
read more

A woman who was seriously injured when her
vehicle was struck by a drunken driver has won
a settlement of 2.5 million.   read more

Auto/Truck/Motorcycle Accidents; Personal Injury; Medical Malpractice; Nursing Home Abuse & Neglect; Workers' Compensation; Products Liability
Medical Malpractice; Nursing Home Abuse & Neglect; Auto/Truck/Motorcycle Accidents; Personal Injury; Workers' Compensation; Products Liability
Auto/Truck/Motorcycle Accidents; Personal Injury; Medical Malpractice; Nursing Home Abuse & Neglect; Workers' Compensation; Products Liability
Workers' Compensation; Auto/Truck/Motorcycle Accidents; Personal Injury; Medical Malpractice; Nursing Home Abuse & Neglect; Products Liability
Workers' Compensation; Auto/Truck/Motorcycle Accidents; Personal Injury; Medical Malpractice; Nursing Home Abuse & Neglect; Products Liability
Auto/Truck/Motorcycle Accidents; Personal Injury; Medical Malpractice; Nursing Home Abuse & Neglect; Workers' Compensation; Products Liability

Antitrust Settlement On Card-Swipe Fees

July 17, 2012 by admin

From American Association for Justice News Brief of July 16, 2012. Major media outlets devoted detailed reports to a $6 billion settlement announced late Friday to end a lengthy lawsuit that pitted Visa, MasterCard, and banks against retailers over so-called “swipe fees” for credit cards. Reports focus heavily on backgrounding the issue, with some noting a likely increased cost to consumers when stores start charging more for paying by credit card.

NBC Nightly News (7/13, story 8, 0:30, Williams) reported, “Visa, MasterCard, and the big banks that issue those cards reached a settlement tonight with thousands of stores across this country over the fees for processing credit and debit card transactions. The settlement is one of the largest ever. $7.25 billion will go to the merchants but it may wind up making it more expensive to use our credit cards. Somewhat unbelievably, stores will now be allowed to impose a surcharge for using credit instead of cash.”

The AP (7/14) reported that attorneys in the case said it was “the largest antitrust settlement in US history” and “is seen as a major victory for merchants that have long complained about the billions of dollars…that they pay to banks for purchases made using plastic.” The AP notes that the retailers will now face the question of whether to impose the charges on their customers and, if so, how to do it “without angering them.”

On the front of its Business Day section, the New York Times (7/14, B1, Silver-Greenberg, Subscription Publication) reported that MasterCard and Visa both said the settlement was in the best interest of all parties, while the American Bankers Association said “our industry is ready to put this matter behind us.” The Times notes that some 7 million merchants were represented in the settlement. In addition to their complaints about price-fixing of high processing fees for credit and debit cards, those merchants also said “payment processors unfairly banned stores from compelling their customers to use less expensive methods of payments like cash and checks.” The card companies also agreed in the settlement “to reduce the charge to process transactions for eight months,” which could be worth more than $1 billion to the plaintiffs.

The Washington Post (7/14, Mui, Jayakumar) calculated the settlement is worth up to $7.25 billion and said “shoppers could start seeing prices for products vary depending on how they choose to pay.” In a brief report, the Los Angeles Times (7/13, Pfeifer) noted the agreement “follows a 2010 settlement with the Justice Department in which the two payment networks agreed to allow 4 million merchants that were accepting only their branded cards to accept other credit-card brands as well.”

From the desk of John Badal, President of the Liever, Hyman & Potter injury law firm, serving the Reading, Pottsville, Berks County and Schuylkill County and Central Pennsylvania areas.


SERVING VICTIMS OF:
MOTOR VEHICLE INJURY
CAR ACCIDENTS
TRUCK ACCIDENTS
MOTORCYCLE ACCIDENTS
DRUNK DRIVERS
SLIP AND FALLS
WORKERS' COMPENSATION
OCCUPATIONAL DISEASE
UNSAFE PRODUCTS/CONDITIONS
WORK INJURIES
WRONGFUL DEATH
INADEQUATE WORKERS COMP.
MEDICAL MALPRACTICE
DOCTOR/HOSPITAL ERRORS
SURGERY ERRORS
OPERATING ROOM MISTAKES
PREGNANCY & BIRTH INJURIES
MISDIAGNOSIS
FAILURE TO DIAGNOSE
PRESCRIPTION ERRORS
FAILURE TO DIAGNOSE CANCER
NURSING HOME NEGLECT
NURSING HOME ABUSE
BED SORES