Friday, Nov. 9, 2012

Judge gives first OK to settlement over card fees

By The Associated Press

NEW YORK (AP) — Parties in the case say a federal judge has granted preliminary approval to a $7.2 billion settlement between major credit card companies and retailers over alleged fee-fixing.

The parties say Judge John Gleeson of Brooklyn federal court gave the order Friday.

Visa, MasterCard and other card companies agreed in July to settle a lawsuit brought by retailers that claimed card issuers conspired to fix the fees they charge stores for accepting credit cards.

Visa says the settlement is a "fair and reasonable compromise." A group representing retailers says it disagrees with the ruling and is exploring its legal options.

2012-11-09 20:39:44 GMT

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