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Visa, MasterCard requests court declare fee practices do not violate antitrust laws

Credit_CardVisa and MasterCard filed a suit last week requesting judgment from a federal court that the companies’ fee practices did not violate antitrust laws.

The companies are seeking a declaration against 11 retail organizations that opted out of the $7.25 billion interchange settlement, asking the court to declare that their fee practices between 2004 and 2012—the time period in which merchants that opted out could seek damages—did not violate state and federal antitrust regulations.

Retailers had until Monday to opt out of the proposed settlement. Wal-Mart, along with 18 other major retailers, said last week that they would opt out and consider alternate recourse, adding that the settlement does not provide adequate compensation for interchange fees and prevents them from filing future antitrust lawsuits.

“”A declaration in [the card companies’] favor…is necessary to prevent the continuation of endless, wasteful litigation between defendants and plaintiffs,” Visa and MasterCard said in their motion.

The lawsuit named several organizations that opted out of the suit, including the National Association of Convenience Stores, National Grocers Association and National Restaurant Association.

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