Posted at: 05/24/2013 9:06 AM
A group of retailers, including Macy’s and Target, is suing Visa and MasterCard breaking off from a proposed $7.2-billion settlement over fees to process credit card transactions.
The lawsuit comes before a May 28 deadline for the millions of merchants affected by the settlement to decide whether to forego receiving damages under the pact and pursue their own legal action.
The retailers say the settlement offers inadequate compensation and forces them to sign broad litigation releases that could shield visa and MasterCard from future lawsuits over antitrust violations.
The settlement was originally agreed on last year.
Officials from Visa and MasterCard have not commented on the new lawsuit.