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Visa, MasterCard sue interchange-fee settlement dropouts

Ask US court to declare card fees are lawful

Bloomberg  |  New York 

Visa Inc and MasterCard Inc sued trade groups and retailers that rejected a $7.25-billion settlement in a price-fixing suit and asked a court to rule that the card companies' fee practices weren't illegal. The settlement, described by plaintiffs in that case as the largest in an antitrust lawsuit, would end an eight-year legal battle over the swipe, or interchange, fees charged to merchants when customers use credit cards to pay. The plaintiffs accused Visa and MasterCard, the two largest US payment-card firms, of illegally fixing the fees. Visa, MasterCard and several banks ...

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First Published: Sat, May 25 2013. 22:24 IST