NEW YORK (AP) — Parties in the case say a federal judge has granted preliminary approval to a $7.2 billion settlement between major credit card companies and retailers over alleged fee-fixing.
The parties say Judge John Gleeson of Brooklyn federal court gave the order Friday.
Visa, MasterCard and other card companies agreed in July to settle a lawsuit brought by retailers that claimed card issuers conspired to fix the fees they charge stores for accepting credit cards.
Visa says the settlement is a "fair and reasonable compromise." A group representing retailers says it disagrees with the ruling and is exploring its legal options.
