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.
Some quirky news out of Kansas City today. The Kansas City Business Journal blog reports that Dickinson Theatres Inc. has settled a suit with the promise to pay $1.5 million in popcorn coupons. You read that correctly. The lawsuit concerned Dickinson Theatres’ non-compliance with a law requiring companies to truncate debit and credit card information on receipts. It’s unclear to whom the coupons are going, most likely one each for every debit and credit card customer affected from a certain time period. I doubt the three named plaintiffs in the suit would find much use for $500,000 worth of popcorn, but you never know. I know what I’d do: build a swimming pool entirely filled with golden, buttery popcorn and dive into it Scrooge McDuck-style.