Judge says swipe-fee settlement appears to meet preliminary approval requirements
A federal judge recently said a pending $7.25 billion settlement between merchants and Visa Inc., MasterCard Inc. and several large banks appears to meet requirements for preliminary approval. U.S. District Court Judge John Gleeson, though, noted in an order the threshold for preliminary approval of proposed class-action settlements is "meaningfully lower" than that for final approval. The deal, announced in July, would allow the payment networks and several banks that issue their cards to resolve litigation that has lingered since 2005 over the fees merchants pay to accept credit cards, known as interchange or swipe fees. But the settlement has reignited a long-standing battle between merchants and the credit-card industry.
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