ARLINGTON, Va. - With the court drawing closer to unsealing the documents involved in the fight with Wal-Mart and other retailers, Visa officials told the American Banker that nothing about the Honor All Cards rule prevented Wal-Mart or the other retailers from influencing customers to use cards with a lower interchange rate. Visa officials said that the association had argued before Judge John Gleeson of the U.S. District Court for the Eastern District of New York that Wal-Mart's argument does not meet the legal requirements for anti-trust since the associations' "Honor All Cards" rules do not prevent merchants from accepting or even steering customers to PIN-based debit. The officials also said the company had argued that the growth of EFT networks undermines the plaintiffs' claims of debit monopolization, and that the plaintiffs' formula for calculating damages is illogical, because it looks only at the price of offline debit transactions and excludes other cost implications. All parties' summary judgment briefs have been under seal since they were filed in June 2000. On Tuesday, Judge Mann issued an order giving the parties until Friday to take a last look at the docket before the unsealing begins, the paper reported.
From the July-31, 2002 issue of Credit Union Times Magazine • Subscribe!
VISA: Honor All Cards rule doesn't prevent merchant influence
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!
Comments
Resource Center
View All »
A Path Chosen Prudently
In today's complicated credit card landscape, choosing the correct path between self-issuance or agent banking...
Winning the War on Cybercrime: The Four Keys to Holistic...
This white paper examines the importance of adapting to changes in fraud attacks without significant...
FFIEC Proposed Guidance on Social Media and How it Affects...
To learn how you and your institution can stay compliant with the new proposed FFIEC...
The Rise of "Mobile Commerce" and How it Affects YOU!
Could plastic cards become a thing of the past? This white paper explains what constitutes...
Key Indicators of High Performing Credit Unions
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
