Class Action: Cash or Credit?

Debit Card, by Flickr user Neil T, Licensed by Creative Commons.

Pick a card, any card

Visa and Mastercard are just two companies ordered to pay over $900m in the latest from a class action lawsuit. Other defendants include JP Morgan Chase, Bank of America, and Citigroup. Much of the settlement and disagreement was around card-swiping fees, ie the banks were over-charging for uses of credit and debit cards, everywhere from major retail stores to smaller mom-and-pop shops. In this iteration of the settlement, Visa will pay an additional $600m, Mastercard will pay another $108m, and the other banks will make up the rest, totaling $900m. That amount is to be added on to the remainder of the lawsuit, which now exceeds $6b. The lawsuit was filed in a U.S. Eastern District Court of New York.

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Facebook Advertisers Call Foul

thumb thumbs up hand finger top tip, by pixabay user LoggaWiggler, licensed by Creative Commons.

Thumbs down

Another day, another Facebook lawsuit. This time around, the slings and arrows aimed at Mark Zuckerberg and co are from their advertisers, who claim that the Facebook ad platform misled them. The main point of contention is the “Potential Reach” number, an ambiguous total provided by Facebook to help agencies spend their money. Unfortunately, an astute advertiser noticed that the “Potential Reach” number for Facebook users between 18-34 actually exceeds the amount of people in that age group, in every state. This particular social media lawsuit was filed in the U.S. District Court in North California, and will likely bring in more plaintiffs. Read more

Class Action: Square Comes Full Circle

Anthony's Pizza, by PhotoZou user Mr. Utsuda, licensed via Creative Commons

A special delivery

A financial services & mobile payments company is now opening their own pockets after losing a class action lawsuit. Square, founded by Twitter CEO & Chairman Jack Dorsey, has agreed to pay $2.2m related to their food-delivery service. The class action lawsuit alleges that Square collected a small percentage of gratuity from online food orders, but withheld this money from the drivers & delivery services. Plaintiff Spencer Janssen is set to receive $10,000, while the firm who represents him is seeking $755,000 in fees. The rest of the money will be divided among the other class-action members, averaging about $15 per person. Caviar, the name of Square’s food delivery service, has been set to pay out any users between January 2012 and August 2015. Read More

Bitcoin: Getting Cryptic with Coinbase

bitcoin, by pixabay user MichaelWuensch, licensed by Creative Commons.

Coinbase off base?

The world of bitcoin and cryptocurrency is very… well, cryptic. The exchanging of “internet money” with fluid values that rise and fall is reminiscent of the stock market, without any government regulation. As more people learn what crypto is and how it works, there are going to be players that become the gold standard in the space. Unfortunately, there are also going be people who can find ways to profit from it. With no one to regulate what goes on, would it be possible for a “CEO” from a crypto startup to steal money from his own clients? This is the latest issue with the most popular cryptocurrency exchange platform, Coinbase, which is being sued after they failed to raise alarms about a money laundering scheme. The case is now going to a jury trial after the Eleventh Circuit Court of Appeals denied an appeal in district court. Read more

Former NFL Players Rush to Meet Class Action Deadline

Silver Football and NFL Logo On Top of a Green Field, by flickr user C_osett, licensed by Creative Commons.

Head games

Former NFL football players who have suffered from neurological damage and head injuries foresee an approaching resolution to the six-year-long legal battle against the NFL. This fight initiated in 2011 and settled in 2013; however, it was determined that the $765 million settlement was not enough money to cover the cost of compensation for the 20,000 former NFL players involved in the lawsuit. In 2015, after extensive negotiations, a federal judge removed the limit of $765 million to leave room for a potentially higher payout. The family members of those whom have since passed away as a result of chronic head damage may also benefit from this lawsuit. Read more