Visa, MasterCard $7.25 bln settlement with retailers is rejected

[Eugene]

Source: Reuters

A federal appeals court on Thursday threw out a $7.25 billion antitrust settlement that Visa Inc (V.N) and MasterCard Inc (MA.N) had reached with millions of retailers that accused the card networks of improperly fixing credit and debit card fees.

The settlement had been the largest all-cash antitrust accord in U.S. history, although its value shrank to about $5.7 billion after roughly 8,000 retailers "opted out." (nL1N11Y1SE)

The 2nd U.S. Circuit Court of Appeals in New York said the accord was unfair to retailers that stood to receive no payments, and in the court's view, little or no benefit at all. It also decertified the case as a class action.

"This is not a settlement; it is a confiscation," wrote Circuit Judge Pierre Leval, a member of the three-judge panel that unanimously struck down the settlement.

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Read more: http://www.reuters.com/article/us-visa-mastercard-settlement-idUSKCN0ZG21E

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Business | Thu Jun 30, 2016 2:42pm EDT
NEW YORK | BY JONATHAN STEMPEL

[Sam_Fields]

1. The government should structure sales taxes the same way so that the consumer never sees them.

The price goes up and the consumer never complains. Add on a 2% sales tax and the consumer screams about taxes. They stopped employee objections to most income taxes on wages by deducting them before the employee gets their check.