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US: Judge slams protestors of $7.2B Visa, MasterCard settlement

By  |  April 15, 2013

While a $7.2 billion settlement proposed by credit card giants Visa and MasterCard awaits final approval, US District Judge John Gleeson has denounced several websites, in particular one run by the National Association of Convenience Stores, that urge protests of the settlement by opting out or objecting to it. A hearing in federal court offered a platform for Judge Gleeson to slam the website, marchantsobject.com, as “completely misleading,” noting that the website may cause merchants to believe that accepting the settlement could not be a possibility. The settlement, which was given preliminary approval last November by Judge Gleeson, was offered by Visa and MasterCard which were accused of colluding to increase interchange fees on credit card transactions. Merchants will be able to opt-out of the settlement but if they do so will not be able to receive their portion of monetary damages if the settlement is given final approval; if they object, they will still receive damages. Retailers have until May 28 to either object to or opt-out of the settlement.

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    Full Content: Reuters

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