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Macy's Inc And Other Retailers Sue Visa Inc, MasterCard Inc Over Card Fees-Reuters


Thursday, 23 May 2013 01:27pm EDT 

Reuters reported that Macy's Inc and Target Corp sued Visa Inc. and MasterCard Inc, breaking off from a proposed $7.2 billion settlement reached last year over fees to process credit card transactions. The lawsuit, filed in U.S. District Court in Manhattan, came ahead of a May 28 deadline for the millions of merchants affected by the settlement to decide whether to forego receiving damages under the pact and pursue their own legal action. Representatives of Visa and MasterCard had no immediate comment on the new lawsuit. Also named as plaintiffs in the lawsuit are J C Penney Company Inc, Kohl's Corp and TJX Companies Inc. The lawsuit seeks compensatory and triple damages, as well as other remedies. 

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