Retailers appeal $7.2 billion credit card fee settlement
BY AP Wire Service
Wednesday, November 28, 2012
11/28/12 at 4:14 AM
WASHINGTON (AP) - Several retail groups are appealing a $7.2 billion court decision approved earlier this month that was designed to settle allegations of fee-fixing against major credit card companies.
Visa, MasterCard and other credit card companies agreed in July to settle a lawsuit brought by retailers who claimed card issuers conspired to fix the fees they charge stores for accepting credit cards. Earlier this month a New York judge gave preliminary approval to the agreement.
But on Tuesday, 10 retail groups filed an appeal of the decision in U.S. District Court for the Eastern District of New York.
Retailers have complained that a provision barring retailers from filing future lawsuits over swipe fees is too broad.
Original Print Headline: Appeal filed in $7.2B card-fee settlement