Significant Settlement Reached in EMV Fraud Liability Shift Case for Merchants
Major Settlement in EMV Fraud Liability Shift Lawsuit
In a significant development for merchants, a collective lawsuit involving major credit card companies such as Mastercard, Visa, Discover, and American Express has reached a settlement. The settlement responds to claims made by merchants regarding fraudulent chargebacks due to EMV/chip card transactions that took place between October 1, 2015, and September 30, 2017.
What Happened?
Merchants who face unreimbursed chargebacks filed a collective lawsuit claiming that these companies engaged in antitrust practices. Allegations state that the companies conspired to implement nearly identical policy rules which shifted the responsibility for fraudulent transactions from banks to merchants through a mechanism known as the
Topics Financial Services & Investing）
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