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Corporate conductRuling
Mastercard investigated Eaze for routing customers through fake websites with misleading billing descriptors to fool banks about the nature of the transaction
Mastercard investigated and, according to court documents, found that Eaze had been routing its customers through fake websites with innocuous billing descriptors to fool banks about the nature of the transaction.
Mastercard investigated and, according to court documents, found that Eaze had been routing its customers through fake websites with innocuous billing descriptors to fool banks about the nature of the transaction.
Corporate conductRuling
The European Commission fined Mastercard €570 million for obstructing merchants' access to cross-border card payment services
The final decision states that Mastercard was fined antitrust law.
Antitrust: Commission fines Mastercard €570 million for obstructing merchants' access to cross-border card payment services The European Commission has fined the card scheme Mastercard €570 566 000 million for limiting the possibility for merchants to benefit from better conditions offered by banks established elsewhere in the Single Market, in breach of EU antitrust rules.
The post Mastercard Agrees To Settle $26M Discrimination Lawsuit That Accused It Of Underpaying Female, Black, And Hispanic Employees appeared first on AfroTech.
Mastercard Agrees To Settle $26M Discrimination Lawsuit That Accused It Of Underpaying Female, Black, And Hispanic Employees
Mastercard has agreed to settle a discrimination lawsuit impacting its minority employees.
14, Mastercard, a credit card company with roughly 32,000 employees globally (after last year's layoffs), agreed to a $26 million class action settlement in a race and gender discrimination lawsuit, two years after negotiations began.
Mastercard slapped with $26 million discrimination lawsuit after being accused of underpaying thousands of employees
Mastercard slapped with $26 million discrimination lawsuit after being accused of underpaying thousands of employees | Fortune
14, Mastercard, a credit card company with roughly 32,000 employees globally (after last year’s layoffs), agreed to a $26 million class action settlement in a race and gender discrimination lawsuit, two years after negotiations began.
Mastercard slapped with $26 million discrimination lawsuit after being accused of underpaying thousands of employees
By Hailey Konnath ( January 14, 2025, 9:15 PM EST) -- Mastercard Inc. has agreed to shell out $26 million and change its hiring practices to put to rest a proposed class and collective action alleging sex, gender, race and ethnicity-based employment discrimination, according to a motion filed Tuesday, the same day the workers sued in New York federal court....
In January 2025, Mastercard, while denying wrongdoing, agreed to pay $26 million to settle claims that it “systematically” hired female, black and Hispanic workers into lower-level roles than male and/or white new hires, which resulted in them being paid less for performing “substantially equal or similar work.”14 The complaint claimed that “[i]nequity in compensation based on gender and/or race compounds over time because periodic compensation decisions, such as salary increases and promotions, are based on current job code.”15 In addition to the financial payout, Mastercard “agreed to hire consultants to audit its pay practices and an industrial psychologist who will review the company's ‘career ecosystem,’”16 assessments that a racial equity audit could draw on.
Corporate conductConfirmed
CFPB orders Mastercard and UniRush to pay $10 million in restitution
The CFPB has ordered Mastercard and UniRush to pay an estimated $10 million in restitution to tens of thousands of harmed customers.
The combination of workforce cuts and an AI focused product launch suggests that Mastercard is reworking its priorities around where capital and talent are deployed.
Corporate conductConfirmed
Mastercard settles consumer protection violation
The U.S. CFPB settled with Mastercard over unfair practices in the Rush Card program.
Antitrust: Commission prohibits MasterCard's intra- EEA Multilateral Interchange Fees The European Commission has decided that MasterCard's multilateral interchange fees (MIF) for cross-border payment card transactions with MasterCard and Maestro branded debit and consumer credit cards in the European Economic Area (EEA) violate EC Treaty rules on restrictive business practices (Article 81).
UNITED STATES OF AMERICA CONSUMER FINANCIAL PROTECTION BUREAU File No. 2017-CFPB-0010 In the matter of: UniRush LLC and Mastercard International Incorporated STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER The Consumer Financial Protection Bureau (Bureau) intends to initiate an administrative proceeding against Mastercard International Incorporated (Respondent), under 12 U.S.C. §§ 5563 and 5565, for its activities related to the conversion of the Rush Card prepaid card program onto the payment processing platform of the Mastercard Payment Transaction Services division of Mastercard International Incorporated (MPTS) in violation of the Consumer Financial Protection Act of 2010's (CFPA) prohibition on unfair, deceptive, or abusive acts or practices, 12 u.s.c.
Respondents ended the extended blackout period before all the files containing RushCard account activity information (including recent transaction and balance information) were loaded on MPTS’s processing platform, but only after Mastercard agreed to cover any losses to UniRush caused by consumers who spent more funds than they had available on their RushCards, a possibility resulting from MPTS’s authorization of transactions without the most up to date account balance information. 19.
ITED STATES OF AMERICA CONSUMER FINANCIAL PROTECTION BUREAU AD MINISTRATIVE PROCEEDING File No. 2017-CFPB-0010 In the Matter of: CONSENT ORDER UniRush LLC and Mastercard International Incorporated Th e Consumer Financial Protection Bureau (Bureau) has reviewed the practices of UniRush LLC (UniRush) and the Mastercard Payment Transaction Services division of Mastercard International Incorporated (MPTS) and has identified the following law violations: UniRush and MPTS engaged in unfair acts or practices by failing to conduct adequate testing and preparation for the conversion of the RushCard prepaid card program onto the MPTS payment processing platform in violation of sections 1031 and 1036 of the Consumer Financial Protection Act of 2010 (CFPA), 12 U.S.C.
MasterCard subsequently modified some of these network rules to allow for more cross-border competition between its member banks.
Corporate conductSettlement
MasterCard appealed the European Commission's December 2007 decision that found it to be in violation of EU competition law
In April 2009, it agreed with MasterCard to accept a reduction in cross-border interchange fees to 30 basis points for credit (from previous levels of 0.8% to 1.9%) and 20 basis points for debit (from previous levels of 0.4% to 0.75%), while MasterCard appealed the Commission’s December 2007 decision that found it to be in violation of EU competition law.16 The Commission recently settled its debit-card price-fixing case against Visa on similar terms, requiring an interchange reduction of approximately 60% to 20 basis points 14 Reserve Bank of Australia, Additional Credit Card Statistics, available at http://www.rba.gov.au/PaymentsSystem/PaymentsStatistics/payments_data.html; Robert Stillman, et al., Regulatory intervention in the payment card industry by the Reserve Bank of Australia, Analysis of the evidence, CRA International (Apr.
In April 2009, it agreed with MasterCard to accept a reduction in cross-border interchange fees to 30 basis points for credit (from previous levels of 0.8% to 1.9%) and 20 basis points for debit (from previous levels of 0.4% to 0.75%), while MasterCard appealed the Commission’s December 2007 decision that found it to be in violation of EU competition law.16 The Commission recently settled its debit-card price-fixing case against Visa on similar terms, requiring an interchange reduction of approximately 60% to 20 basis points 14 Reserve Bank of Australia, Additional Credit Card Statistics, available at http://www.rba.gov.au/PaymentsSystem/PaymentsStatistics/payments_data.html; Robert Stillman, et al., Regulatory intervention in the payment card industry by the Reserve Bank of Australia, Analysis of the evidence, CRA International (Apr.
Corporate conductConfirmed
Mastercard's MIFs under investigation for inter-regional and cross-border acquiring
MasterCard is being investigated for MIFs in inter-regional and cross-border acquiring transactions.
The Commission has recently opened new proceedings against MasterCard to investigate inter-regional inter-bank fees and cross-border acquiring (see IP/13/314).
The assessment upheld in today's judgment is also the basis of the Commission's on-going investigations into MasterCard's MIFs applicable to inter-regional transactions (i.e. when consumers from outside the EEA pay by card in Europe) and MIFs applicable to cross- border acquiring (i.e. when an acquiring bank provides services to a merchant in another EEA country).
Corporate conductConfirmed
Mastercard modifies network rules for cross-border competition
Mastercard modified some network rules to allow more cross-border competition among its member banks.