Merchants Oppose $7B Visa, MasterCard Interchange Fee Deal

Law360, New York (November 1, 2012, 9:02 PM EDT) -- Nearly 1,200 U.S. merchants, including Wal-Mart Stores Inc., Starbucks Corp. and Target Corp., on Thursday objected to a proposed $7.25 billion settlement that would resolve multidistrict litigation accusing Visa Inc. and MasterCard Inc. of colluding on interchange fees, saying the settlement wouldn't resolve the underlying antitrust behavior the litigation was intended to fix.

The merchants offered their support to 10 of the 19 named plaintiffs involved in the putative class action that have also filed formal opposition to the proposed deal. The settlement "imposes no restraints"...
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