Tuesday, March 29, 2011

Credit Card Class Action Class Action Filed Against Visa, Mastercard, and Leading Banks Over Alleged Price Fixing Conspiracy

VANCOUVER (March 29, 2011) -- Branch MacMaster LLP and Camp Fiorante
Matthews filed a proposed national class action in the British
Columbia Supreme Court against Visa, MasterCard, and several leading
banks. The claim alleges that the credit card giants and banks have
engaged in a multi-billion dollar price fixing conspiracy to increase
or maintain the fees paid by merchants on every credit card

When a customer pays with a credit card, Visa and MasterCard take a
percentage fee, along with the card-issuing bank and the company that
processes the payment. That percentage varies depending on what kind
of card is used. Basic cards charge a smaller percentage, while
premium credit cards that offer points and other rewards cost
merchants a much higher fee.

The claim alleges that Visa and MasterCard rules force merchants to
accept every Visa or MasterCard credit card, even if those cards carry
high fees for the merchant. The claim also alleges that these rules
prevent merchants from charging more for payments with premium cards.

Ward Branch, partner at Branch MacMaster LLP said, "The lawsuit
alleges that merchants are forced to raise prices for all customers to
cover the cost of transactions with premium cards. Our research
suggests that these fees cost Canadian merchants $5 billion in 2009
alone. The system is bad for Canadian merchants, Canadian consumers,
and for the Canadian economy as a whole."

The suit follows a filing by the Competition Bureau of Canada, which
seeks to prevent Visa and MasterCard from imposing the rules
preventing surcharges and forcing merchants to honour all cards. This
proposed class action seeks to recover the fees that Visa, MasterCard,
and the banks are alleged to have collected illegally from merchants.

Along with Visa and MasterCard, the suit names BMO Financial Group,
Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Desjardins,
National Bank of Canada, Royal Bank of Canada, Toronto-Dominion Bank,
Bank of America, Capital One, and Citygroup Inc. as defendants.

Thursday, March 17, 2011

Webinar On Canadian Mobile Payments Compliance and AML


Thursday March 24, 2011, 1:00 PM EST – 2:00 PM EST.


›› RSVP 



Free Webinar:  The legal framework for MSBs doing business in Canada

What's going on?  What's coming next?  And what's different about doing business in Quebec?

New federal and provincial legislation have significant implications for electronic payment companies and other money services businesses (MSBs) operating in Canada or serving clients in Canada.  

Your are cordially invited to attend the a free webinar targeted to helping money services businesses (MSBs) build, improve and shape their regulatory compliance programs – particularly with respect to anti money laundering (AML) and counter terrorist financing (CTF).  This session will focus on the existing requirements, industry trends and emerging Quebec legislation that could change the way you do business. 

Get the facts that you need to keep your business on the right side of the law in Canada.

This event features Matthew McGuire and Adam Atlas.

Matthew McGuire is the president of Williams McGuire AML Inc., largest dedicated anti-money laundering consulting practice in Canada.  Matthew and his team have assisted countless MSBs operating in Canada.  Their experience runs the gamut from AML compliance effectiveness reviews to conducting MSB screening on behalf of a financial service provider.  Matthew is widely recognized in financial and academic circles as one of Canada's top experts in AML and CTF.  Find out more about Williams McGuire AML Inc. at www.amlcompliance.ca.

Adam Atlas is a lawyer specializing in mobile money companies.  His firm, Adam Atlas Attorney at Law is a boutique commercial law firm dedicated to top-tier personal service to clients. He is licensed to practice law in both the Canadian province of Quebec and New York state.  Adam has a unique specialization in electronic transaction law and has been widely published on related topics.  Find out more about Adam Atlas at www.adamatlas.com.

RSVP at https://www2.gotomeeting.com/register/345803611

Please note, space at this by invitation-only event is limited. 

We look forward to (virtually) seeing you there.

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