Visa, Master Card lose bid to dismiss suit over opt-out swipe fees

|About: Visa Inc. (V)|By:, SA News Editor

A U.S. district judge declines to dismiss antitrust lawsuits filed against Visa (NYSE:V) and MasterCard (NYSE:MC) by retailers who opted out of a ~$5.7B class action settlement in 2012 over transaction fees.

The same judge in December approved the card companies’ settlement with a nationwide class of merchants in a lawsuit alleging antitrust claims over the fees, but several merchants including Target (NYSE:TGT) and Macy’s (NYSE:M) pursued cases after dropping out of the settlement.

V and MC argued the lawsuits should be barred by legal releases in an earlier settlement in 2003 and because the merchants don’t directly pay fees to banks that issue V and MC branded cards.