ADVFN - Advanced Financial Network.
HOME» NYSE » M » MA Stock Price » MA Stock News

Mastercard Share News

 Mastercard Stock Price
MA Stock Price
 Mastercard Stock Chart
MA Stock Chart
 Mastercard Stock News
MA Stock News
 Mastercard Company Information
MA Company Information
 Mastercard Stock Trades
MA Stock Trades

Grocers Group Slams Merchant Settlement with Visa and MasterCard

By Andrew R. Johnson The National Grocers Association, one of the plaintiffs suing Visa Inc. (V) and MasterCard Inc. (MA) over credit-card transaction fees, said Thursday it opposes the $7.25 billion settlement reached in the case earlier this month. The trade group, which represents retail and wholesale grocers, is the second party to reject the deal, which would put to bed more than 50 lawsuits filed by merchants against the card networks since 2005. The National Association of Convenience Stores said earlier this month it also opposed the settlement because it failed to address problems it sees in how Visa and MasterCard set their fees. The National Grocers Association "joined the lawsuit on behalf of its independent retail grocer members over seven years ago to bring about real reform of the anticompetitive credit card swipe fee system," Peter Larkin, president and chief executive officer of the trade group, said in a statement. "This proposed settlement agreement fails in this regard by allowing Visa and MasterCard to continue their dominant anticompetitive practices." The group said it hired law firm Constantine Cannon LLP, which is also representing the convenience store group, to represent it in the case. Under the settlement, Visa, MasterCard and numerous large banks that issue their cards agreed to pay more than $6 billion to merchants. The card networks also agreed to temporarily reduce swipe fees, or interchange fees, on credit card transactions and allow merchants to surcharge customers who pay with cards. Merchants will have the opportunity to opt in or out of the class settlement, which includes a provision allowing Visa and MasterCard to cancel the deal if retailers representing 25% of their credit-card sales volume opt out. Analysts say the likelihood of reaching that threshold is slim. The grocers group said the ability to surcharge customers includes "burdensome restrictions," which makes it "unlikely that many of NGA's members will be able to make this provision workable." The settlement has received criticism from Target Corp. (TGT) and Wal-Mart Stores Inc. (WMT), which earlier this week urged merchants to reject the deal. Spokesmen for Visa and MasterCard did not immediately respond to requests for comment. Write to Andrew R. Johnson at Subscribe to WSJ:

Stock News for Mastercard (MA)
10/25/201620:54:00PayPal Partnership With Credit Cards Aims at Gaining Ground in...
10/25/201608:00:00Mastercard Makes Commerce More Conversational with Launch of...
10/25/201603:02:00Visa Profit Is Boosted By Volume -- WSJ
10/24/201619:14:00Visa Profit Rises 28% as Results Top Wall Street Views -- 3rd...
10/24/201617:10:00Visa Profit Rises 28% as Results Top Wall Street Views
10/24/201612:00:00Mastercard Enables Microsoft Wallet, Android Pay and Samsung...
10/24/201611:00:00Mastercard and BMO make fingerprint and 'selfie' payment technology...
10/20/201617:40:00Paypal Revenue Climbs on Growing Active Accounts
10/20/201614:00:00Mastercard Incorporated to Participate in Upcoming Investor Conference
10/20/201611:30:00100 million Africans will be impacted across 33 markets by Masterpass...
10/18/201617:20:00Visa Boosts Dividend by 18%
10/15/201609:19:00Cashing Out: ATMs Try to Stop Wave of Cyberattacks
10/15/201607:29:00Cashing Out: ATMs Try to Stop Wave of Cyberattacks
10/06/201611:50:04Statement of Changes in Beneficial Ownership (4)
10/06/201611:49:02Statement of Changes in Beneficial Ownership (4)
10/03/201622:20:00PayPal Promotes Braintree, Venmo Executive to Operating Chief
09/29/201616:14:35Current Report Filing (8-k)
09/28/201605:00:00Mastercard Accelerates the Pace of Commerce Innovation with Launch...
09/27/201613:00:00MasterCard Incorporated to Host Conference Call on Third-Quarter...
09/27/201609:15:00MasterCard Incorporated Board of Directors Announces Regular...

Mastercard and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2016 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations