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Published December 13, 2013, 02:06 PM

Judge approves $5.7 billion retail credit card fee settlement

NEW YORK - A U.S. federal judge on Friday approved an estimated $5.7 billion class action settlement between merchants and Visa Inc and MasterCard Inc over credit card fees despite objections from thousands of retailers who complained it was inadequate.

By: Reuters, INFORUM

NEW YORK - A U.S. federal judge on Friday approved an estimated $5.7 billion class action settlement between merchants and Visa Inc and MasterCard Inc over credit card fees despite objections from thousands of retailers who complained it was inadequate.

Merchants first sued Visa and MasterCard in 2005, accusing the two companies of fixing the fees charged to merchants each time their customers used their credit or debit cards. They were accused also of preventing merchants from steering customers to cheaper forms of payments.

U.S. District Judge John Gleeson of Brooklyn, New York, approved the settlement in a written order.

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