Retail Group To Sit Out $7B Visa, MasterCard Swipe Fee Deal

Law360, New York (April 11, 2013, 1:13 PM EDT) -- A trade association representing major retailers confirmed Thursday that it will opt out of a proposed $7.25 billion settlement in multidistrict antitrust litigation over swipe fees charged by Visa Inc. and MasterCard Inc., calling the agreement a raw deal for U.S. retailers.

The Retail Industry Leaders Association plans to reject the settlement, which is meant to resolve an antitrust suit in New York federal court involving allegations that Visa and MasterCard charged excessive interchange, or swipe, fees to merchants who accept their cards, RILA spokesman Brian...
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