Google is suing Visa and MasterCard over the card networks’ interchange fees, with the internet and tech giant claiming that they have violated federal antitrust law.
Google is suing Visa and MasterCard over interchange fees
Google has filed the lawsuit in the Texas federal court, alleging that Visa and MasterCard charged “supracompetitive” interchange fees between 1 January 2004 and 28 November 2012. Google’s lawsuit asks for “actual damages” but does not specify a figure.
Google was one of several parties who declined to accept the July 2012 $7.25 billion US retailer class action settlement with Visa and MasterCard over credit card interchange fees. Retail giant Wal-Mart claimed in March 2014 that it had suffered “enormous” losses because of interchange, asking for damages of $5 billion.
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