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US: Retailers reject Visa, MC swipe fee settlement, serve fresh lawsuit

By  |  June 27, 2013
US: Retailers reject Visa, MC swipe fee settlement, serve fresh lawsuit

A group of 30 retail giants that includes Amazon.com and 7-Eleven, after rejecting a $7.25 billion settlement offer by Visa and MasterCard over its interchange fees, have launched a lawsuit against the credit card conglomerates over the matter. In a complaint filed in Manhattan on Wednesday, the retailers claim the defendants – which include the credit card firms and major banks – acquired market dominance then abused that dominance by forcing stores to pay fees with every swipe of a credit card at the register. The latest lawsuit is a risk for retailers that reject the settlement offer, which is currently under consideration in Brooklyn; if approved, those that have rejected the deal will not have access to any funds. CVS Pharmacy, Target and Macy’s are all part of a growing number of retailers that have rejected the offer and launched their own suits.

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