Dive Summary:
- Many big-name retailers including Wal-Mart, Starbucks, Target and Domino's Pizza have rejected an unprecedented $7.25 billion settlement over swipe fee fixing, filing formal objections with U.S. District Judge John Gleeson.
- Target Corp. and Macy's Inc. have filed a new lawsuit as they seek damages.
- The historic class-action lawsuit alleges Visa, Mastercard and other credit card companies colluded to fix swipe fees since 2004.
From the article:
They are walking away from what's regarded as the largest private antitrust class-action settlement in the nation's history, one that involves more than 7 million businesses — just about every entity that swiped a Visa or MasterCard credit or debit card since 2004.
“It's extraordinarily rare for a class settlement to be rejected because of concerns raised by class members,” said David Fink of Fink and Associates Law in Bloomfield Hills, Mich., who specializes in class-action litigation.
