Supreme Court agrees to hear ATM fee-fixing case against Visa, MasterCard
The U.S. Supreme Court today agreed to hear appeals in a class action lawsuit brought by independent ATM operators and consumers alleging ATM fee-fixing by Visa Inc., MasterCard Inc. and several U.S. Banks.
According to a Reuters report, the plaintiffs charge that the networks and their shareholder banks engaged in anticompetitive behavior in barring ATM operators from charging a reduced fee for transactions processed by lower cost competitor networks.
The class action consumer complaint was thrown out by a district court, which ruled that consumers did not have standing to sue.
However, an appeals court overturned that ruling and allowed the lawsuit to proceed, rolling together two consumer complaints and one IAD complaint.
The defendants are asking the Supreme Court to overturn the appeals court ruling and again throw out the case for lack of standing. If the court rules against the defendants, the case will return to the district court for adjudication, after which it could be subject to further appeals.
The justices will take up the case after the court begins a new session in October. A ruling will be issued by June 2017.