Thursday, January 12, 2012

This Mother Of An Anti-Trust Lawsuit Could Slam Bank Of America, Major Banks, Credit Card Companies

BusinessInsider writes: Why exactly we haven't heard of this before, we're not sure. Forbes conjectures that it could be because not a lot of banks have credit card company analysts.

Regardless, Dan Freed reports that 5 million retailers are suing credit card companies,Visa and Mastercard, and major banks — JP Morgan, Bank of America, Sun Trust, Wells Fargo, PNC Bank, Citigroup, HSBC, Barclays, 5th Third Bancorp, and US Bancorp — for potentially billions.

Right now the parties are in settlement talks, and it seems like it isn't going the defendants way. Mastercard said in its latest filing that the plaintiffs' demands“remain unacceptable” given the size of the monetary demands and “unacceptable changes to MasterCard’s business practices."

That unacceptable number could be about $40 billion a year from 2004 to now…..

Read more: http://www.businessinsider.com/antitrust-lawsuit-to-hit-credit-cards-and-major-banks-2012-1

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