Skip to main content

Macy’s, Target file suit against Visa and MasterCard

5/23/2013


Normal
0


false
false
false







MicrosoftInternetExplorer4






/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin:0in;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times New Roman";
mso-ansi-language:#0400;
mso-fareast-language:#0400;
mso-bidi-language:#0400;}


New York -- A group of large U.S. retailers – including Macy’s, Target and J.C. Penney – filed suit against Visa and MasterCard on Thursday, abandoning a proposed $7.2 billion settlement reached last year over allegedly inflated credit card processing fees.



The lawsuit was filed in the U.S. District Court in Manhattan. Among the plaintiffs are also Kohl’s and TJX Cos., as well as other retailers that opted out of receiving proposed damages from the pending settlement that would end litigation by merchants that accused Visa and MasterCard of inflating swipe fees.



The lawsuit seeks compensatory and triple damages, as well as other remedies.

X
This ad will auto-close in 10 seconds