DEBIT CHARGES

German Banks Face Suit for Collusion

Customers Pay With Contactless Cards
Many German merchants prefer cash over debit cards due to transaction fees. Source: Bloomberg

The law firm that represented diesel owners in the Volkswagen emissions scandal is now going after Germany’s banking sector.

The U.S. law firm Hausfeld is threatening to sue Germany’s community-run savings banks as well as industry giants such as Deutsche Bank for allegedly colluding to hike the charges that merchants pay for debit card transactions.

“Well-known customers have come to us,” Christopher Rother, Hausfeld’s representative in Germany, told Handelsblatt. “Our clients are seeking a solution outside of court.”

We hope you enjoyed this free article.

Subscribe today and get full access to market-moving news in Europe's leading economy.