Retail Giants Sue Visa, MasterCard After Spurning $7B Deal

Law360, Los Angeles (May 23, 2013, 6:32 PM EDT) -- Target Corp., Macy's Inc. and 16 other U.S. retailers sued Visa Inc. and MasterCard Inc. on Thursday over allegedly anti-competitive credit and debit card transaction fees, two days after announcing they had opted out of a $7.25 billion settlement in related multidistrict litigation.

The plaintiffs accuse Visa and MasterCard of charging excessive fees to merchants that accept the companies' cards as part of “an illegal anti-competitive scheme." In opting out of Tuesday's MDL settlement, they said the deal didn't fully address the issues that had led...
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