Retail credit card fee settlement gets initial approval
November 10, 2012 6:49 AM EST
A U.S. judge on Friday granted preliminary approval to a proposed $7.2 billion (4.5 billion pounds) settlement between merchants and Visa Inc
If the deal receives final approval from U.S. District Court Judge John Gleeson, it would be the largest federal antitrust settlement in U.S. history, offering nearly 8 million merchants $7.2 billion in cash and temporary reductions in the interchange, or swipe fees, they pay to process credit and debit transactions.
Nearly 1,200 merchants and major trade groups opposed the settlement, arguing that it would strip away stores' legal rights.
(Reporting by Jessica Dye in New York; Writing by Brad Dorfman; Editing by Leslie Adler)