by Adam Benjamin | May 24, 2013 10:49 am
Major retailers are opting out of a settlement to pursue independent legal action against Visa (V) and MasterCard (MA).
Macy’s (M), Target (TGT), JCPenney (JCP) and Kohl’s (KSS) were among the retailers that filed the original lawsuit, claiming that Visa and MasterCard inflated interchange fees for credit and debit transactions. The credit card companies proposed a settlement last July, and the retailers had until May 28 to either accept the damages in the settlement or opt out.
Retailers are rejecting the settlement on the grounds that it would shield Visa and Mastercard from future antitrust violations.
Adam Benjamin is an Assistant Editor at InvestorPlace. As of this writing, he did not hold a position in any of the aformentioned securities.
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