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Block claims that Visa and Mastercard conspired to fix inflated “interchange” fees and maintain market power, according to a suit filed July 14 in the US District Court for the Eastern District of New York.
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“The effect of these artificially inflated fees—assessed to and paid by Square—is higher retail prices paid by consumers economy-wide,” Block said in the suit. “As retail prices increase in response to inflated fees, consumers can afford less and thus purchase less, reducing output.”
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