Fairness Hearing Held Over Proposed Settlement in Swipe Fee Lawsuit
This week, credit card companies and retailers battled in court over the proposed $7.25 billion lawsuit settlement over swipe fees. The debate, which many labeled the final showdown in the case, included testimony from both sides and was heard by U.S. District Judge John Gleeson in the Eastern District of New York.
Retailers consider the swipe fee system broken, and claim that the proposed reform does not go far enough. The class-action lawsuit is in its eighth year, and the National Association for Convenience and Fuel Retailing (NACS) and 25 percent of retailers have opted out of the proposed settlement. Judge Gleeson is expected to decide on the fairness hearing before mid-January 2014.