Antitrust Group

Payments News Update – April 26, 2024

Legal and Regulatory Developments SPOTLIGHT: CFPB Internal Shakeup to Supercharge Fintech, Big Bank Cops Bloomberg Law – April 19, 2024 (subscription may be required) The Consumer Financial Protection Bureau’s enforcement and supervision teams, including those overseeing financial technology firms and other nonbank lenders, will soon get a direct line to Director Rohit Chopra to correct potential...

The Antitrust Week in Review

Here are some of the developments in antitrust news this past week that we found interesting and are following.   Two US lawmakers raise concerns over Disney, Fox, Warner sports streaming venture.  U.S. lawmakers Jerry Nadler and Joaquin Castro raised competition concerns over the sports streaming joint venture planned by Walt Disney Fox and Warner Bros Discovery. The congressmen questioned how the new offering...

Payments News Update – April 19, 2024

Legal and Regulatory Developments SPOTLIGHT: ANTITRUST—E.D.N.Y.: 7-Eleven, Home Depot Claims Against Visa Defendants Survive Summary Judgment VitalLaw – April 15, 2024 Although 7-Eleven and Home Depot claims survived, the court deemed the equitable relief class debit monopolization claim “economically senseless” while their credit monopolization claim lacked necessary evidence about both sides of the...

Payments News Update – April 12, 2024

Legal and Regulatory Developments SPOTLIGHT: Visa, Mastercard CEOs Throw Hearing Off Track Payments Dive – April 9, 2024 Sen. Dick Durbin opted to postpone a Senate Judiciary hearing this week focused on Visa and Mastercard’s business practices after CEOs of the credit card companies declined to appear Tuesday. But Durbin, who chairs the committee, is still angling to bring those chief executives to...

The Antitrust Week In Review

Here are some of the developments in antitrust news this past week that we found interesting and are following.   Meta cannot delay US FTC from reopening privacy probe, court says.  Meta Platforms cannot delay the U.S. Federal Trade Commission from reopening a probe into alleged privacy failures by its Facebook unit while the company pursues a lawsuit challenging the agency's authority, a U.S. court ruled. The...

Payments News Update – April 5, 2024

Legal and Regulatory Developments SPOTLIGHT: Mastercard Still Raising Some Fees on Retailers After Settlement Bloomberg Law – April 3, 2024 (subscription may be required) Mastercard Inc. plans to increase certain credit card fees charged to merchants beginning April 15, just days after the company and Visa Inc. trumpeted a $30 billion settlement over separate swipe fees designed to provide relief to retail...

The Antitrust Week In Review

Here are some of the developments in antitrust news this past week that we found interesting and are following.   American Express sued in merchants' class-action over 'swipe' fees.  American Express has been hit with a proposed class action lawsuit in Rhode Island federal court accusing it of overcharging thousands of U.S. merchants for credit and debit card fees on consumer transactions. Ten retail plaintiffs...

Payments News Update – March 29, 2024

Legal and Regulatory Developments SPOTLIGHT: Visa, Mastercard Swipe Fee Deal Fails to Stem More Litigation Bloomberg Law – March 28, 2024 (subscription may be required) Visa Inc. and Mastercard Inc.'s $30 billion swipe fee settlement with merchants provides only temporary relief for US businesses and won’t stop additional litigation against the payment networks, critics say. The companies this week...

Payments News Update – March 8, 2024

Legal and Regulatory Developments SPOTLIGHT: Taking the Measure of Click to Cancel Digital Transactions Magazine – March 1, 2024 Faced with a proposal to make it easier to stop a subscription, payments companies and subscription specialists have much to ponder. Everyone dreads the inevitable sales pitch that comes when trying to cancel some subscriptions. There’s multiple pages to read online and the...

Payments News Update – March 1, 2024

Legal and Regulatory Developments SPOTLIGHT: GOP Senators Propose Ban on Central Bank Digital Currencies The Hill – February 26, 2024 Republican senators introduced legislation Monday that would ban official cryptocurrencies backed by central banks, a type of proposed digital asset that the Biden administration and Federal Reserve have expressed interest in studying. GOP senators said that Fed-backed...