Retailers appeal $7.2B credit card fee settlement

[November 28, 2012]  WASHINGTON (AP) -- Several retail groups are appealing a $7.2 billion court decision approved earlier this month that was designed to settle allegations of fee-fixing against major credit card companies.

Visa, MasterCard and other card companies agreed in July to settle a lawsuit brought by retailers who claimed card issuers conspired to fix the fees they charge stores for accepting credit cards. Earlier this month a New York judge gave preliminary approval to the agreement.

On Tuesday 10 retail groups filed an appeal of the decision in U.S. district court for the Eastern District of New York. The groups include the National Association of Convenience Stores, the National Restaurant Association and eight others.

Retailers have complained that a provision barring retailers from filing future lawsuits over swipe fees is too broad.

[Associated Press]

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.