The suit says that this price fixing artificially raises the price that consumers pay using ATMs, limits the revenue that ATM-operators earn, and violates the Sherman Act's prohibition against unreasonable restraints of trade. The companies agreed to allow merchants displaying their logos to decline certain types of cards (because interchange fees differ), or to offer consumers discounts for using cheaper cards.
Johnathan Rubin, an attorney for the plaintiffs said, "Visa and Master Card are the ringleaders, organizers, and enforcers of a conspiracy among U. banks to fix the price of ATM access fees in order to keep the competition at bay." In October 2010, Master Card and Visa reached a settlement with the U. On November 27, 2012, a federal judge entered an order granting preliminary approval to a proposed settlement to a class-action lawsuit filed in 2005 by merchants and trade associations against Master Card, Visa, and many credit card issuers.
More specifically, it is alleged that Master Card's and Visa's network rules prohibit ATM operators from offering lower prices for transactions over PIN-debit networks that are not affiliated with Visa or Master Card.This was done in order to suggest a more global scale of operations.In addition, the company introduced a new corporate logo adding a third circle to the two that had been used in the past (the familiar card logo, resembling a Venn diagram, remained unchanged).Master Card, along with Visa, has been sued in a class action by ATM operators that claims the credit card networks' rules effectively fix ATM access fees.The suit claims that this is a restraint on trade in violation of federal law.