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US: Visa, MasterCard fire back at retailers, want swipe fees deemed legal

 |  May 27, 2013

Responding to major US retailers that have publically denounced Visa and MasterCard’s proposed $7.2 billion, the credit card companies, currently under legal scrutiny for so-called ‘swipe fees’ imposed on retailers at check-out, have requested a judge to declare that those fees do not, in fact, violate federal antitrust law. Last week some of the nation’s largest retailers, including Wal-Mart and Starbucks, publically denounced the settlement, forfeiting their potential share of the settlement, after deeming the offer insufficient.

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