Another Step Closer to Final Approval of the Interchange Settlement

October 19, 2012

Class counsel, on behalf of numerous retailers who are proposed class representatives, filed the Definitive Settlement Agreement, as well as a motion to request that the Honorable Judge Gleeson of the U.S. District Court for the Eastern District of New York preliminarily approve a landmark settlement of a lawsuit over merchant interchange fees.  The settlement was originally announced on July 13th after over seven years of litigation, mediation and negotiation between retailers, payment networks and nine major card issuers.  The parties involved have now come together to take the next step in the process in an effort to settle this dispute once and for all.

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