New York Times: More on Visa, MasterCard fees

Jennifer Bayot reports in Tuesday’s New York Times on the tentative ruling by a California judge regarding currency conversion fees.

Visa said in a statement that it was disappointed with the preliminary ruling in the case, Adam A. Schwartz v. Visa International, Visa International Service Association, Visa U.S.A. and MasterCard International.

“The court decision flies in the face of common sense,” said Stephen C. Theoharis, senior vice president of Visa U.S.A. “Visa pioneered today’s currency conversion system that protects consumers from exorbitant rates when traveling abroad. The decision is fundamentally flawed, has no basis in fact or law, and we will appeal.”

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