A number of mass market retailers have joined other merchants in rejecting and withdrawing from a proposed class-action settlement of an antitrust lawsuit over credit card fees. Other retailers, meanwhile, have filed a new lawsuit against Visa Inc. and MasterCard Inc.


Visa Inc., MasterCard Inc., Walmart, Costco Wholesale Corp., D’Agostino Supermarkets, Roundy’s Supermarkets Inc., Lowe’s Cos., Gap Inc., Starbucks Corp., Crate & Barrel, 7-Eleven Inc., Target Corp., Big Lots Stores Inc., Macy’s Inc., TJX Cos., Kohl’s Corp., Staples Inc., J.C. Penney Co., Office Depot Inc., Office Max Inc.








































































































































































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Credit card deal is falling apart

June 10th, 2013

NEW YORK – A number of mass market retailers have joined other merchants in rejecting and withdrawing from a proposed class-action settlement of an antitrust lawsuit over credit card fees. Other retailers, meanwhile, have filed a new lawsuit against Visa Inc. and MasterCard Inc.

The group of 19 retailers opting out of the settlement includes Walmart, Costco Wholesale Corp., D’Agostino Supermarkets and Roundy’s Supermarkets Inc. Other participants include Lowe’s Cos., Gap Inc., Starbucks Corp., Crate & Barrel and 7-Eleven Inc. The retailers rejected a proposed $7.25 billion settlement on the grounds that it gives Visa and MasterCard too much freedom to set interchange fees for banks again in the future and that it maintains and strengthens an anticompetitive system. The group will consider additional legal action to recover damages from Visa and MasterCard under existing antitrust laws.

Joining the new lawsuit, which was filed in the U.S. District Court for the Southern District of New York (Manhattan), are Target Corp. and Big Lots Stores Inc. Among 15 other plaintiffs are Macy’s Inc., TJX Cos., Kohl’s Corp., Staples inc., J.C. Penney Co., Office Depot Inc. and Office Max Inc. The new suit alleges that Visa and MasterCard illegally restrained competition for interchange fees by setting default rates and imposing almost identical rules for accepting cards.

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