CHARLESTON, W.Va. — West Virginia Attorney General Darrell McGraw has announced a legal settlement with Visa USA and MasterCard which he said will fund a sales tax moratorium for West Virginia consumers.
West Virginia sued the card brands' in October 2003, alleging losses to consumers from the card brands' former practice of forcing retailers who accepted their credit card to take both their debit cards and to pay higher interchange on debit transactions. The card brands' settled a similar suit with retailers in 2003.
According to McGraw the settlement will bring the state $12.1 million which the State will set aside in a trust account for the establishment of a sales tax moratorium for West Virginia consumers.
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"This has been a long time coming and involved the devotion of a lot of time and resources," said McGraw. "I hope that the settlement clips the wings of anyone embarking on a course of illegal conduct in West Virginia."
The exact terms of a sales tax moratorium, how it will be structured, implemented and applied will be subject to a law which the West Virginia legislature must pass, McGraw added.
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