Justices Won't Hear Appeal Over $7.25B Visa, MasterCard Fee Deal

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The US Supreme Court has refused to revive a $5.7 billion class action settlement between millions of retailers and Visa and MasterCard over interchange fees.

The highest court in the land will not take on a 2012 swipe-fee settlement.

The justices did not comment Monday in leaving place a ruling by the federal appeals court in NY that tossed out the settlement in a lawsuit that began in 2005. In the move, the federal appeals court said some of the retailers were inadequately represented in the litigation, as CSNews Online previously reported.

The settlement attempted to resolve claims that Visa and Mastercard had rules enabling the companies to charge merchants higher transaction fees than the retailers would have tolerated in a competitive market. U.S. District Judge John Gleeson in Brooklyn, who has since left the bench, had approved the settlement in 2013.

The settlement had been the largest all-cash antitrust accord in USA history.

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