Retailers appeal $7.2B credit card fee settlement
The Consumerist/Flickr
WASHINGTON Several retail groups are appealing a $7.2 billion court decision approved earlier this month that was designed to settle allegations of fee-fixing against major credit card companies.
Visa (V), MasterCard (MA) and other card companies agreed in July to settle a lawsuit brought by retailers who claimed card issuers conspired to fix the fees they charge stores for accepting credit cards. Earlier this month a New York judge gave preliminary approval to the agreement.
- Walmart urges retailers to reject settlement
- U.S. banks, card companies to pay retailers at least $6B
- $7.2 billion settlement over card fees receives initial approval
On Tuesday 10 retail groups filed an appeal of the decision in U.S. district court for the Eastern District of New York. The groups include the National Association of Convenience Stores, the National Restaurant Association and eight others.
Retailers have complained that a provision barring retailers from filing future lawsuits over swipe fees is too broad.
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Exactly. "Fool me once, shame on you. But I don't mind if you manipulate the market so you can do it again and prevent me from having any form of justice or forgiveness." That's what those who aren't appealing seem to be saying.