More retailers object to credit card settlement

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Associated Press

Posted on October 12, 2012 at 11:03 AM

Updated Friday, Oct 12 at 11:03 AM

NEW YORK (AP) — A group of retailers and trade groups is launching a last-ditch effort to stop a proposed multibillion-dollar settlement that Visa Inc., MasterCard Inc. and major banks have agreed to pay retailers for alleged fee fixing.

Ten out of the 19 retailers and trade groups that are parties to the class-action lawsuit against the credit card companies say they're trying to block the deal because they believe it would allow the credit card industry to continue to take advantage of merchants and their customers while stopping competition.

The proposed settlement is expected to be submitted to the U.S. District Court in Brooklyn by Oct. 19. Merchants objecting to the deal will then have 30 days to submit arguments urging the court to reject the proposal.

The settlement was disclosed in July.

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