Visa, MasterCard Sue Opponents Of $7B Swipe Fee Deal

Law360, Los Angeles (May 24, 2013, 7:08 PM EDT) -- Visa Inc., MasterCard Inc. and several major lenders, including Bank of America NA, struck back Friday at retail trade associations objecting to a proposed $7.25 billion settlement over allegedly excessive credit card fees, asking a New York federal judge in a complaint to find their fee-setting practices lawful.

In a 53-page complaint for declaratory judgment, the two major credit card companies and their banking allies asked U.S. District Judge John Gleeson of the Eastern District of New York to find their practices to be consistent with...
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