$7B MasterCard, Visa MDL Settlement Wins Initial OK

Law360, New York (November 9, 2012, 5:13 PM EST) -- A New York federal judge on Friday gave preliminary approval to Visa Inc. and MasterCard Inc.'s proposed $7.25 billion multidistrict litigation settlement over the companies' alleged collusion on interchange fees, paving the way for arguably the largest antitrust settlement in U.S. history.

In a packed Brooklyn courtroom, U.S. District Judge John Gleeson said the deal passed the relatively low threshold for preliminary approval, ruling objections from some plaintiffs were “overstated” and insufficient to deny the settlement at this stage.

"I don't mean to suggest that there...
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