Starbucks, Wal-Mart Reject $7B Swipe Fee Settlement

Law360, Los Angeles (May 21, 2013, 7:20 PM EDT) -- Nineteen of the nation's largest retailers, including Starbucks Corp. and Wal-Mart Stores Inc., announced Tuesday that they would opt out of a $7.25 billion settlement intended to resolve multidistrict antitrust litigation alleging Visa Inc. and MasterCard Inc. charged excessive fees to merchants that accept the companies' cards.

Other retailers objecting to the proposed settlement include Costco Wholesale Corp., The Gap Inc., J. Crew Group Inc., 7-Eleven Inc. and Crate & Barrel.

Under the proposed settlement, Visa and MasterCard have promised to pay a little more than...
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