Feb 10, 2014, 11:02 AM EDT
Baseball is a business just like any other. And just like many other businesses — millions of them, in fact — baseball teams feel like the credit card companies hold them hostage by imposing fees every time a customer swipes their card. The Twins feel like Visa and Mastercard have gone too far in this regard:
The Minnesota Twins hit Visa Inc. and MasterCard Inc. with an antitrust suit in New York federal court Friday accusing the credit card companies of monopolizing the market by fixing swipe fees, less than two months after a landmark $7.25 billion settlement over similar claims.
The new suit, filed by Minnesota Twins LLC and a group of Minnesota retailers, alleges that the credit card giants colluded with banks that carried their credit cards to keep swipe fees high and to keep information about those fees from consumers. Visa and MasterCard also prevented retailers from incentivizing customers to use cards with lower fees, according to the complaint.
This sort of arrangement was recently the subject of one of the largest class action settlements in history. Now baseball teams are getting in on it too.
If they’re not successful, look for hastily-created “cash only” signs written in magic marker on torn cardboard at a ticket window near you.
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