Card Firms Lose Bid to Dismiss Lawsuit
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MasterCard International Inc. and Visa International Inc. lost a bid to dismiss a lawsuit accusing them of conspiring to impose hidden fees of as much as $4 billion on cardholders who make purchases overseas.
U.S. District Judge William Pauley in New York last week refused to dismiss several antitrust claims in the case. In April, a California judge said the companies must provide refunds for the fees on overseas purchases, a ruling that could cost them $800 million.
A lawyer for Purchase, N.Y.-based MasterCard said the company expected to defeat the antitrust claims. A spokeswoman for Foster City, Calif.-based Visa USA could not be reached for comment.
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