Judge Approves Huge Swipe-Fee Settlement

American Banker | December 13, 2013

A federal judge approved the multibillion-dollar settlement of a lawsuit over credit card swipe fees, resolving an eight-year battle between banks and retailers.

In a 55-page ruling, U.S. District Judge John Gleeson says the settlement will have a positive effect on competition. He was also sharply critical of the tactics and arguments made by many of the nation’s largest retailers, which tried to torpedo the deal.

“The vitriol and poor behavior and feigned hysteria mask complex and difficult issues on which reasonable merchants can and do disagree,” Gleeson writes.

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