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Technology/Services

Supreme Court Rejects Swipe-Fee Settlement

Ruling would have blocked retailers’ ability to sue card companies

WASHINGTON -- The U.S. Supreme Court declined to take up a $5.7 billion settlement on retailers’ claims that Visa and MasterCard unfairly set credit-card interchange or "swipe" fees, Bloomberg reported.

The move by the Supreme Court leaves intact the ruling that scrapped an earlier accord that did not properly protect merchants.

Had the court accepted the settlement, card companies and banks would have been protected from future lawsuits against exorbitantly high swipe fees.

Amazon, Target, Starbucks and dozens of other retailers, including many convenience stores, opposed the settlement and urged the Supreme Court to reject the appeal without a hearing.

Watch for more details on CSP Daily News.

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