Visa, Mastercard Fee Deal Faces Opposition

1,200 businesses ranging from Nieman Marcus to Dollar General object to settlement.

Retailer groups opposed to Visa Inc. and MasterCard Inc.’s $7.25 billion settlement of a lawsuit over merchant credit-card fees said they have garnered support from about 1,200 businesses covered by the deal.

Trade associations including the National Association of Convenience Stores, the National Community Pharmacists Association and the National Restaurant Association urged U.S. District Judge John Gleeson in Brooklyn, New York, not to grant initial approval to the settlement, according to objection papers the parties are preparing to submit.

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Comments

Advertisement. Closing in 15 seconds.