Justices Won't Hear $7.25B Visa, MasterCard Fee Deal Appeal

Law360, Fort Wayne (March 27, 2017, 10:23 AM EDT) -- The U.S. Supreme Court has turned down a bid by big banks and retailers to revive a $7.25 billion class action antitrust settlement with Visa and MasterCard over interchange fees, leaving in place a Second Circuit ruling that the deal did not adequately represent the interests of some merchants.

The settlement attempted to resolve claims that Visa and Mastercard had rules enabling the companies to charge merchants higher transaction fees than the retailers would have tolerated in a competitive market. (AP) The high court did not elaborate on its decision except to say that Chief Justice John Roberts and Justice Samuel Alito...

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