Visa, MasterCard $7.25 billion settlement with retailers is thrown out.
A federal appeals court on Thursday threw out a $7.25 billion antitrust settlement reached by Visa Inc (V.N) and MasterCard Inc (MA.N) with millions of retailers that accused the card networks of improperly fixing credit and debit card fees.
The 2nd U.S. Circuit Court of Appeals in New York said the accord was unfair to retailers that stood to receive no payments and, in the court’s view, little or no benefit at all. It also decertified the case as a class action.
“This is not a settlement; it is a confiscation,” wrote Circuit Judge Pierre Leval, a member of the three-judge panel that unanimously struck down the settlement.
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