Credit Card Price Fixing Suit Could Cost Industry over $100 billion

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00002543-credit-card-price-fixing-suit-could-cost-/

According to a group of prominent bankers, a lawsuit brought by retailers in the US alleging a number of major credit card issuers and banks colluded to fix processing prices will have far reaching consequences for the industry at large if it is successful.

The group of international bankers, Reuters reports, has warned that a favorable outcome for the plaintiff retailers could cost the credit card industry over $100 billion and impact financial institutions far beyond US shores.

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