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News Now

CU System
Retail opponents to interchange settlement to appeal
ALEXANDRIA, Va. (11/15/12)--Retailers who opposed the $7.2 billion interchange antitrust lawsuit settlement  that received a preliminary approval Friday from a U.S. District Court in Brooklyn, N.Y., announced they are filing a notice of appeal against the ruling.

The National Association of Convenience Stores said most of the 19 plaintiffs opposing the settlement with Visa, MasterCard and large banks will ask the U.S. Court of Appeals for the Second Circuit to deny the preliminary approval due to "fatal legal defects" in the settlement proposal.

The lawsuit was over swipe fees in credit card transactions.


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