Oct. 1, 2012
A lawyer representing retail groups opposed to the billion dollar settlement with Visa and MasterCard over credit-card fees charged to merchants, told a federal judge in Brooklyn, New York, that he needs access to all records in the case, even those deemed "highly confidential" by Visa.
According to an article on BusinessWeek.com, Jeffrey Shinder told U.S. Magistrate Judge James Orenstein, "We're simply asking for our clients to have what they had throughout the litigation." Orenstein declined to make a ruling and asked Shinder to revise his request.
The settlement would put to rest a seven-year-long case accusing Visa and MasterCard of conspiring with major banks to fix the fees charged to merchants when customers pay with credit cards, the article explained. If approved by a federal judge, the deal would be the largest-ever recovery in an anti-trust case and would impact roughly 7 million merchants, according to the article.
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