Banks Blast Retailers' Concerns Over $7.25B Swipe Fee Deal

Law360, New York (September 21, 2012, 4:04 PM EDT) -- A bank lobby group on Thursday said some retailers were using “manufactured claims” of unfairness in the proposed $7.25 billion settlement of allegations that Visa Inc. and MasterCard Inc. charged excessive swipe fees in an effort to get lawmakers to artificially cap those costs.

In a letter to top leaders in the Senate and House of Representatives, American Bankers Association President and CEO Frank Keating said the proposed deal, announced in July, represented an “historic opportunity” for lawmakers to move past battles over interchange fees because...
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