Dive Brief:
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U.S. District Judge John Gleeson ruled last week that some 30 lawsuits by retailers against Visa Inc. and Master Card Inc. over swipe fees can go forward despite a settlement reached last year.
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Several major retailers, including Target Corp., Macy’s Inc. and Wal-Mart Stores Inc., are seeking damages over swipe fees outside a $5.7 billion settlement between the credit card companies and retailers that was reached in December.
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On Friday, the parties related to that settlement also reported that they are considering a possible to plan to allow retailers that had opted out to opt back in, a move that would raise the settlement amount.
Dive Insight:
Retailers have been frustrated by the way the Federal Reserve has interpreted new law meant to limit swipe fees, arguing that they should be even lower. After December’s settlement of the dispute in U.S. District Court, many larger retailers remained frustrated, saying the agreement didn’t reflect the needs or answer the arguments of several retailers and their customers. This latest ruling means that settlement is not the final word on the matter.
