Visa Says $5B Swipe Fee Deal Blocks Intuit, Square Claims: Antitrust Battle Intensifies as Intuit, Square Hit Back
In a legal maelstrom, Visa and Mastercard stand firm against tech titans Intuit and Square, asserting that a monumental $5.6 billion settlement deal extinguishes their antitrust claims. The battleground? A New York federal court buzzing with the clash of corporate giants.
Settlement Showdown: The Antitrust Saga Unfolds
Visa and Mastercard brandish their legal arsenal, urging the court to quash the antitrust allegations launched by Intuit and Square. Their ammunition? A contentious argument asserting that the duo’s claims vaporize in the wake of the sweeping settlement inked with merchants.
Visa Says $5B Swipe Fee Deal Blocks Intuit, Square Claims: Payment Processors Caught in the Crossfire
At the heart of the dispute lies a labyrinthine web of contracts and claims. Visa and Mastercard contend that Intuit and Square, per their agreements, operate as agents for merchants, entwining their fate with those they serve. According to the card juggernauts, the merchants’ pact encompasses not just their grievances but also those of their appointed agents.
Honor All Cards: The Policy Perplexity
The crux of the matter lies in the controversial “Honor All Cards” policy, a linchpin of Visa and Mastercard’s dominion. Intuit and Square lob accusations of rate-fixing, alleging that this policy stifles competition among banks, leaving merchants shackled to standardized rates.
Visa Says $5B Swipe Fee Deal Blocks Intuit, Square Claims: The Fallout: Legal Quagmire Intensifies
Visa and Mastercard maneuver to shield themselves, asserting that Intuit and Square stand as indirect purchasers shielded by federal law from seeking damages. The stakes soar higher as the card giants caution of potential repercussions on the class settlement if the tech titans’ claims gain traction.
Legal Duel: Who Holds the Aces?
Intuit fires back, seeking to carve its path through the legal thicket. Armed with claims of being the “most direct payor” of interchange fees, the tech behemoth challenges the settlement’s scope and asserts its right to pursue individual claims.
The Verdict Looms: A Legal Epic Unfolds
As legal eagles spar in the courtroom arena, the outcome remains shrouded in uncertainty. With millions of small merchants caught in the crossfire, the battle for justice rages on in the hallowed halls of the Eastern District of New York.
