Grocers Oppose $7B Visa, MasterCard Swipe Fee Settlement

Law360, New York (February 22, 2013, 1:21 PM EST) -- The National Grocers Association said Thursday its board has voted to oppose a $7.25 billion settlement intended to resolve a multidistrict antitrust litigation alleging that Visa Inc. and MasterCard Inc. charged excessive fees to merchants that accept the companies' cards.

The NGA — one of the plaintiffs in an MDL that alleges Visa and MasterCard assessed exorbitant transaction fees, known as interchange or swipe fees, on merchants to accept their cards — said its board decided to opt out and object to a proposed settlement of...
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