Retailers To Appeal $7B Visa, MasterCard Swipe Fee Deal

Law360, New York (November 27, 2012, 6:12 PM EST) -- A New York federal judge’s approval of a $7.25 billion settlement ending multidistrict antitrust litigation against Visa Inc. and MasterCard Inc. over allegedly excessive swipe fees drew immediate opposition from a coalition of retail groups who said Tuesday they will appeal the payoff, which they labeled unfair.

Ten plaintiffs filed a notice of appeal Tuesday, the same day U.S. District Judge John Gleeson gave a stamp of preliminary approval to a class settlement resolving allegations that Visa and MasterCard assessed exorbitant transaction fees on merchants who...
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