U.S. District Judge John Gleeson of Brooklyn heard objections to the proposed $7.2 billion class-action settlement currently pending that would award $7.2 billion to merchants for credit card fees, Reuters reported on September 12.
Merchants sued Visa and MasterCard in 2005, accusing the two companies of fixing fees charged to merchants for consumer credit card use. If approved, the media outlet said it would be the largest federal antitrust settlement in history.
The hearing lasted five-and-a-half hours. Judge Gleeson said a decision in the case may take several months to deliver. For more on this developing story, read the full Reuters report here.
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