In this Jan. 31, 2018, file photo, Master Card and Visa logos on credit cards are shown in Zelienople, Pa.
Under the settlement, Visa and Mastercard would reduce swipe rates by at least four basis points - 0.04 percentage points - for three years, and ensure an average rate that is seven basis points below the current average for five years.Merchants will have more discretion to offer discounts, or impose surcharges on cards with higher interchange fees.The fee rollbacks and caps alone are worth US$29.
"It's a bad deal for merchants," said Doug Kantor, general counsel of the National Association of Convenience Stores, in an interview. "It provides very small, very temporary relief, but afterward Mastercard and Visa will be free to raise rates, and the agreement doesn't provide a mechanism to slow an increase."
"Competition among merchants results in these cost savings being passed on to customers in the form of lower prices," Stiglitz added. The case is In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, U.S. District Court, Eastern District of New York, No 05-md-01720. The woman charged in connection with a dog attack in Toronto that left a nine-year-old child with 'life-altering injuries' has previously been found by a court to be an irresponsible dog owner, CTV News has learned.RCMP say the four adults found dead at a farm about five kilometres northeast of Neudorf, Sask. Sunday evening were all members of the same family.A man accused of helping smuggle people across the U.S.
It was the middle of the night when a dispatcher's 12-second warning crackled over the radio: A massive cargo ship had lost its steering capabilities and was heading toward the Francis Scott Key Bridge.Former U.S. president Donald Trump got a break this week when an appeals court cut down the amount of money he needs to put up to pause collection while he appeals a US$454 million-plus judgment in his New York civil fraud case.
A B.C. judge has given the City of Vernon 14 days to make a decision on a business licence application it has left pending without explanation for more than a year.According to the Ombudsman for Banking Services and Investments 2023 annual report, there was a 248 per cent increase in the number of opened banking cases in 2023 compared to 2022.There’s a group of people in Saskatoon that proudly call themselves dumpster divers, and they’re turning the city’s trash into treasure.
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