- Posted November 13, 2012
- Tweet This | Share on Facebook
Judge gives first OK to settlement over card fees
NEW YORK (AP) -- A federal judge gave preliminary approval last Friday to a $7.2 billion settlement between major credit card companies and retailers over alleged fee-fixing, parties involved in the case said.
Visa, MasterCard and other card companies agreed in July to settle a lawsuit brought by retailers that claimed card issuers conspired to fix the fees they charge stores for accepting credit cards.
The National Retail Federation, representing more than 9,000 retailers across the country, had argued that a provision barring retailers from filing lawsuits over swipe fees was too broad.
Retailers had also argued that the $7.2 billion was far less than what retailers deserved and might have won at trial. The preliminary approval was granted last Friday by Judge John Gleeson of Brooklyn federal court, both sides in the case said.
Visa called the settlement a "fair and reasonable compromise." MasterCard also said it was pleased and said a provision in the settlement allowing retailers to charge checkout fees for credit-card customers was supported by millions of retailers.
The retail federation repeated its opposition.
"It's a morass of legal flaws, and rather than bringing about reform it would only entrench the anticompetitive behavior of the card companies while putting them beyond the reach of the law," said Mallory Duncan, a federation lawyer.
The federation said it was exploring legal options. Gleeson still must grant final approval to the settlement. MasterCard said it hoped that would happen in the coming months.
Published: Tue, Nov 13, 2012
headlines Oakland County
- Annual Meeting
- Oakland County clerk/register brings services to Highland Township and surrounding areas with June 4 local office visit
- Whitmer announces Wayne, Oakland, Macomb commit to expand Project DIAMOnD, calls for statewide expansion of “infrastructure for innovation”
- Oakland County completes work for first RainSmart resident
- SUPREME COURT NOTEBOOK
headlines National
- This Los Angeles lawyer found her calling as a death doula
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Artificial intelligence tools for brief writing and analysis are a small firm litigator’s new best friend
- Baker McKenzie partner drops suit seeking IRS documents on partnership scrutiny
- Family members sue networks after learning of loved ones’ deaths by seeing bodies on TV
- Ex-BigLaw attorney once ‘consumed with remorse’ over $10M client theft sentenced in new scheme