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NEW YORK - A panel of judges have upheld class action status for the antitrust case that Wal-Mart and other retailers brought against Visa and MasterCard over debit cards, the Associated Press reports.
Both Visa and MasterCard said they would seek reconsideration of the ruling, which was issued late Wednesday by a panel of judges from the 2nd U.S. Circuit Court of Appeals.
The lawsuit was filed in October 1996 by Wal-Mart Stores and other retailers, as well as the Food Marketing Institute, the National Retail Federation, and other retail trade associations. The retailers allege that Visa USA Inc. and MasterCard International Inc. have a monopoly in credit cards and have tried to extend that dominance to debit cards. They also allege that excessive transaction fees are being charged for the debit card clearing process