Credit Card Companies Sued Over Interchange Fees

A number of retail advocacy groups filed suit today against Visa, Mastercard, Bank of America, Citibank, Bank One, Chase Manhattan Bank, J.P. Morgan, Chase, Fleet Bank, Capital One, and other banks, charging collusive practices by setting credit card interchange fees at "supracompetitive" levels. The organizations include the National Association of Convenience Stores (NACS), the National Association of Chain Drug Stores (NACDS), the National Community Pharmacists Association (NCPA) and the National Cooperative Grocers Association (NCGA). Each of these groups represent thousands of respective companies including drug stores, convenience stores, and food stores all over the country. This isn't the first suit like this either.