Credit Card Networks Must Face Merchants’ Chip-Reader Suit
Visa Inc., MasterCard Inc. and American Express Co. lost an early round of a lawsuit alleging they colluded to pin liability for fraudulent transactions on merchants who didn’t meet a chip-reading technology deadline.
A federal judge in San Francisco allowed the antitrust suit to proceed, saying in a ruling Friday that two Florida retailers “plausibly allege an impermissible conspiracy” by major credit card companies to impose the same penalty on merchants not using a certified chip card reader by Oct. 1, 2015.