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U.S.: Appeals court denies Home Depot’s appeal request over Visa/Mastercard settlement

By  |  December 11, 2012
U.S.: Appeals court denies Home Depot’s appeal request over Visa/Mastercard settlement

A U.S. appeals court has denied Home Depot’s request for an expedited appeal of the preliminary approval of a $7.2 billion settlement between merchants and Visa Inc. and Mastercard Inc. Additionally, the court of appeal said that any other merchant that wishes to appeal the settlement should wait until after the settlement is finally approved by the U.S. District Court for the Eastern District of New York; a final hearing on that approval is slated to occur sometime next year. Home Depot is part of a group of merchants who oppose a part of the settlement that would release the two credit card companies from new legal claims that arise from similar issues over interchange fees. Wal-Mart Stores Inc. has also opposed the settlement agreement, arguing that it forces the merchants little relief for swipe fees that currently amount to an estimated $30 billion a year.

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