Merchants Seek OK Of $7B Deal In Visa, MasterCard Fee MDL

Law360, New York (October 19, 2012, 8:11 PM EDT) -- Merchant plaintiffs in long-running multidistrict litigation accusing Visa Inc. and MasterCard Inc. of colluding on interchange fees on Friday requested preliminary approval of a $7.25 billion settlement, setting up a fight with the large number of plaintiffs who oppose the deal.

The plaintiffs filed a motion asking the Eastern District of New York to sign off on the deal that would provide a payment of $6.05 billion to a proposed class of about 7 million merchants that accept Visa and MasterCard. Under the terms of the...
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