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  • Swipe-Fee Settlement Wins Preliminary Approval

    As expected, the federal judge has now granted preliminary approval of a $7.25 billion class-action settlement in the Payment Card Interchange Fee and Merchant Discount Antitrust Litigation case saying opponent’s arguments were not persuasive enough to derail the deal.

    Calling opponent’s concerns voiced so far "overstated", the U.S. District Court Judge did note the bar for preliminary approval is significantly lower than for final approval, a decision not expected until next year.

    Under the settlement, millions of merchants would receive payments totaling $6.05 billion. Those merchants on direct Interchange pass through pricing will also see a temporarily reduced swipe fee by an amount equal to $1.2 billion. And merchants in states that don’t prohibit by law will be … more

by Ty Hardison

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