Major Lawsuits Against Major Companies
In this blog, we’re going to talk about civil suits relating to Visa, MasterCard, Honda and Adidas. Remember, personal injury is not as simple as someone smashing their car into yours and you suffering an injury. Personal injury encompasses all and any events in which you suffer as a result of the actions of another person, persons, or business. As the following examples will show, you should never be in a position where you feel helpless because of the power of the perpetrator. If you have been wronged—even by the most powerful company in the word—there is something that you can do to seek justice, and that is why lawyers like us are here.
The first bit of news revolves around a settlement agreement approved in a case against MasterCard Inc. and Visa Inc. The full $7.2 billion settlement is the largest antitrust settlement in U.S. history. The settlement will help to resolve lawsuits brought against the credit card giants since 2005, the substance of which had to do with the swipe fees that the companies were charging retailers. Swipe fees are the fees (typically percentages of the whole sale) that retailers must pay to the credit card company that processes a given card transaction for a given purchase.
It has been determined that the credit card companies were engaged in price fixing to sustain incredibly high percentages as fees. Visa will be paying $4.03 billion and MasterCard will be paying $2.02 to a wide variety of merchants, including retailers and small businesses. In addition to the direct cash settlement, the credit card companies will lower their percentages by 0.1 percent for a period of 8 months, a move which will essentially put $1.2 billion back in the pockets of retailers. Unfair business practices by the major corporations hurt businesses and consumers alike, and the courts are here to prevent such abuse, as evidenced by this case.
In another case, car giant Honda has agreed to settle in a consumer fraud class-action suit brought against Honda by Honda car owners. The suit claims that the Honda hybrid vehicles are not as fuel-efficient as advertised and, in addition, had significant battery life problems. The settlement will affect nearly 460,000 owners and lessees of Honda Civic Hybrids (and affects vehicle model years from 2003-2009). As per the drafted settlement, each class member will receive $100 cash and a rebate certificate for $500 or $1,000. Class members who experienced additional problems with their vehicles (including issues prompted by a poor software upgrade) will be entitled to additional cash and additional rebate certificates. The settlement is estimated to reach over $460 million.
Finally, Adidas is facing a consumer fraud lawsuit of its own. The lawsuit alleges that the company’s adiPure shoes have been falsely marketed. According to the lawsuit, the shoe was advertised as a one that would increase training efficiency while decreasing the risk of injury. In fact, according to the plaintiff, the shoes actually increase the risk of injury and bruising due to a lack of sufficient padding. We will keep you abreast of any developments in this case and in those aforementioned.
Being aware of major settlements like these is important, as you are undoubtedly a consumer of products produced by major companies such as the ones mentioned above. Just because they have more money than you doesn’t mean that they can abuse you. If you have been injured (financially, physically, or otherwise) by a product or service you have purchased, you have the right to demand compensation.
For any questions about any of this, or to discuss a possible case, please contact us at 561-266-9191 or at firstname.lastname@example.org.