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. Since then, the settlement has continued to progress even though various merchants and merchant groups have opposed it.
Most recently, on November 9, 2012, the Honorable Judge Gleeson of the U.S. District Court for the Eastern District of New York preliminarily approved the landmark settlement. Read the related press release, which notes the pending change to networks' U.S. merchant rules in regard to surcharging.
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