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Commercial Card News Brought to You by the NAPCP: Industry Regulation

Interchange lawsuit settlement progresses

Monday, October 22, 2012   (0 Comments)

As reported by the NAPCP on July 13, 2012, Visa, MasterCard and nine banks agreed to a $6+ billion lawsuit settlement over merchant interchange fees.  

Most recently, on October 19, class counsel, on behalf of numerous retailers who are proposed class representatives, filed the Definitive Settlement Agreement, as well as a motion to request that the Honorable Judge Gleeson of the U.S. District Court for the Eastern District of New York preliminarily approve the landmark settlement. As such, the settlement is progressing even though 10 of 19 plaintiffs oppose it. Read the related press release.

Members and subscribers, access a summary of the lawsuit settlement.

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