Durbin Rips $7B Visa, MasterCard Interchange Settlement

Law360, New York (August 7, 2012, 8:21 PM EDT) -- Sen. Richard Durbin, D-Ill., urged retailers Thursday to reject a $7.25 billion proposed settlement with Visa Inc. and MasterCard Inc. in antitrust multidistrict litigation over interchange fees paid by merchants, calling the deal a “stunning giveaway.”

Durbin — the second-ranking Democrat in the Senate and a longtime critic of the so-called swipe fees — joined a growing list of outspoken opponents to the settlement, which now includes Target Corp., Wal-Mart Stores Inc., and major trade groups representing the grocery and pharmacy industries.

Like other critics of...
To view the full article, register now.