US: Wal-Mart, Starbucks slam credit card settlement offer one week before deadline
Some of the nation’s largest retailers, including Wal-Mart Stores Inc., Starbucks Corp. and Gap Inc. have publically expressed disapproval for Visa and MasterCard’s proposed settlement with merchants, one week before a deadline set for merchants to object to or opt our of the proposed offer. Visa and MasterCard have put forth a $7.2 billion offer that is intended to compensate the nation’s retailers for credit card swipe fees paid at check-out. Nineteen retailers, however, have denounced the offer and said they would prefer to continue to fight the credit card companies in court rather than settle for an offer they deem inadequate. Additionally businesses rejecting the offer include Costco, J. Crew, Nike, 7-Eleven and Panera Bread, who all said they would opt out of receiving settlement funds if the offer is to be approved by a court. If approved, the deal would mark the biggest federal antitrust settlement in the nation’s history, including 8 million retailers.
Full Content: Thomson Reuters
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI