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Weekly News In Brief: September 4, 2015

This week’s payments news in brief, with details on contactless in the UK; a Visa and MasterCard antritust suit nearing collapse; Klarna; more interchange wrangles; PayPal in the US; and a Bitcoin processor landing €1m.

 

1. $5.7BN VISA-MASTERCARD SETTLEMENT NEARS COLLAPSE

A $5.7bn antitrust settlement between a group of US retailers and card payment giants Visa and MasterCard has taken a step closer to becoming void, after lawyers involved in the case responded to accusations of improper communications.

Keila Ravelo, who represented MasterCard, was accused of sharing information with Gary Friedman, an opposing lawyer representing the merchants.

“I drew upon all the information in my possession that affected MasterCard’s interests, including the information I was provided by Gary Friedman,” Ravelo said in a court filing.

It follows a decision by a New York judge to throw out a similar $79m settlement involving American Express last month.

 

2. TESCO BANK CUTS CARD REWARDS AFTER INTERCHANGE CAP

Tesco Bank has announced it will cut rewards to credit card holders, following in the footsteps of Capital One, in preparation for changes to interchange fee regulations at EU level.

The cap

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