retail news in context, analysis with attitude

Reuters reports that "a federal judge declined on Friday to dismiss antitrust lawsuits filed against Visa Inc and MasterCard Inc by retailers who opted out of an estimated $5.7 billion class action settlement in 2012 over transaction fees. Retailers such as Target Corp and Inc have accused Visa and MasterCard of fixing the fees charged to merchants each time their customers used credit or debit cards. They also alleged the two companies prevented merchants from steering customers to cheaper forms of payment."

The ruling came from U.S. District Judge John Gleeson, the same judge who approved the $5.7 billion settlement. After the initial approval, the story notes, "thousands of retailers, including some of the biggest in the United States such as Wal-Mart Stores Inc, opted out of the settlement, complaining it was not adequate."
KC's View:
Good. I've never believed that a settlement opposed by so many plaintiffs in the case ought to be imposed on them, and I look forward to hearing this case argued in open court. I'd like to see a little sunlight trained on Visa's and MasterCard's business practices.