Big retailers object to credit card settlement
Posted at: 10/15/2012 6:31 AM
This could be a big week for Visa and MasterCard.
Both credit card companies reportedly plan to ask a judge for approval of a landmark lawsuit settlement but big stores like Walmart and Target are planning to fight it.
The settlement is supposed to resolve years of disagreement over swipe fees – those are the fees that retailers play to process your credit card transactions.
It includes $7.2-billion for the stores but it would also take away their power to sue at some point in the future.
Lawyers for Walmart, Target and Lowes say the deal takes away their rights and they will fight it in court.