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Released: October 19, 2012
Credit-card fee settlement divides retailers
Source: Jennifer Bjorhus, Star Tribune
A legal battle is taking shape over a class-action settlement on credit card fees; 10 of 19 plaintiffs now oppose the agreement. It took seven years to reach the proposed $7.25 billion antitrust settlement involving Visa Inc., MasterCard Inc., the country's biggest banks and millions of retailers. Now, the courtroom battle for a judge's approval of the high-stakes agreement has begun -- and it's the fight among the retailers themselves taking center stage. The agreement aims to settle accusations by retailers that the banks and card companies illegally colluded to fix credit card interchange fees at a high rate, gouging merchants across the country and costing consumers billions of dollars. It would pay $6.05 billion to store owners for alleged past damages, with the rest coming from a temporary reduction in interchange fees called swipe fees.Read Full Article: Credit-card fee settlement divides retailers
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