Credit card fees a civil conspiracy, alleges B.C. suit

The British Columbia Supreme Court is allowing a class action lawsuit alleging major banks and card companies are engaged in a “civil conspiracy” to go forward, CBC reports.

Read: Warn clients about ATM loophole

Leading the suit is Mary Watson, a Vancouver furniture dealer, who says the fees charged by Visa, Mastercard and major banks have “unlawfully interfered with the economic interests of merchants.”

She says businesses are forced to take whatever variation of card a customer wants to pay with—even though premium cards come with higher fees for the retailer, reports CBC. And retailers can’t pass the fees on to those particular customers, forcing them to raise prices for all.

Watson and the business owners in the suit want their fees back.

Read more here.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.