Updates from Swipe-Fee Settlement Hearing on Sept 12

Judge John Gleeson held a long awaited Visa/MasterCard settlement fairness hearing today, September 12, in a Brooklyn court. He heard the arguments from the proponents and opponents of the proposed settlement.  He questioned both sides on their arguments and reminded them that the settlement is a compromise and neither side is likely to get everything they are seeking.

Click here to read the WSJ article with more information about the hearing.

Here are key take-aways from today’s hearing and related news:

  • Judge Gleeson didn’t say when he expected to issue a ruling…it is anticipated in the next 30 to 120 days
  • Many plaintiffs and class co-counsel, Craig Wildfang, are optimistic about final approval especially since the settlement was negotiated under Judge Gleeson’s supervision and guidance
  • The Visa/MasterCard settlement has been reduced to $5.74 billion given that retailers accounting for more than 25% of the total volume of credit card purchases have decided to opt out of the settlement

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