Hagens Berman has filed a class-action lawsuit alleging that Visa and MasterCard, together with Bank of America, JP Morgan Chase and Wells Fargo, violated federal antitrust laws by establishing uniform agreements with U.S. banks that issue automated teller machine (ATM) cards, preventing ATM operators from setting ATM access fees below the level of the fees charged on Visa’s and MasterCard’s networks. These agreements allegedly eliminate competition in the marketplace for ATM network services, causing ATM fees to be higher than they should be.
The lawsuit asks the court to issue an injunction preventing Visa and MasterCard from enforcing fee restrictions on ATMs. The suit also seeks damages for the allegedly higher prices consumers were forced to pay to use ATMs across the country.
The District Court dismissed the Complaint and denied Plaintiffs’ request to amend it. Plaintiffs appealed to the United States Court of Appeals for the District of Columbia Circuit. The Court held oral argument on the appeal in February 2015.
D.C. Circuit Court Reverses Dismissal of ATM Price Fixing Class Action
Steve Berman said, "This is a big win for consumers, as we believe this case will bring not only damages caused by the anti-competitive acts of Visa and MasterCard, but also an injunction that will spark competition in the ATM market."
$66.7 Million Settlement Reached Against Big Banks in ATM Fee-Fixing Class-Action Lawsuit
Steve Berman said, "Not only is this settlement a tremendous return for consumers, it also serves as a reminder that transparency and fairness are standards that cannot be skirted without a heavy penalty."
CASE TIMELINE
$66.7 Million Settlement Reached Against Big Banks in ATM Fee-Fixing Class-Action Lawsuit
Steve Berman said, "Not only is this settlement a tremendous return for consumers, it also serves as a reminder that transparency and fairness are standards that cannot be skirted without a heavy penalty."
D.C. Circuit Court Reverses Dismissal of ATM Price Fixing Class Action
Steve Berman said, "This is a big win for consumers, as we believe this case will bring not only damages caused by the anti-competitive acts of Visa and MasterCard, but also an injunction that will spark competition in the ATM market."
