|
This lawsuit accuses Visa and a group of its member banks of defrauding one or more U.S. merchants through a scheme involving chargebacks on foreign-issued credit cards. According to the complaint filed in this case, these chargebacks were performed by Visa using exchange rates tied to dates after cardholders' fraud claims, on dates when the dollar had weakened with respect to the foreign currency in question. The dollar amounts of these chargebacks were therefore greater, in U.S. dollars, than the amounts of the original transactions. The allegations in the complaint would equally apply to any other major credit card company involved in a similar practice.
lawyers rule. get on board so that they can make some nice coin!!
|