Retailer Trade Groups Seek To Overturn Judge’s Approval of Interchange Settlement
Two retailer organizations dissatisfied with a $5.7 billion settlement of a class-action antitrust case alleging unfair credit card interchange rates have filed the next step in their appeal of the settlement.
The National Retail Federation and the Retail Industry Leaders Association said Monday they filed a joint brief with the 2nd U.S. Circuit Court of Appeals in New York in their efforts to see a Dec. 13 ruling by U.S. District Court Judge John Gleeson overturned. Each organization filed appeals following the ruling. The case dates to 2005.
“Approval of a mandatory settlement of such breathtaking scope in the face of widespread and substantive objection is unprecedented and warrants reversal,” the brief said.
Now the defendants, including Visa Inc., MasterCard Inc. and a handful of major banks, can file their brief on the appeal, which likely will be followed by oral arguments, says Mallory Duncan, NRF senior vice president and general counsel.
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