The U.S. Supreme Court on Monday declined to hear a bid by retailers to revive a $7.25 billion antitrust settlement they reached with Visa Inc and Mastercard Inc over claims the card networks improperly fixed credit and debit card fees. The high court left in place a 2016 lower court decision that threw out the settlement on the basis that it was unfair to retailers that stood to receive no payments and derive no other benefits. Companies including Amazon.com Inc, Costco Wholesale Corp and Wal-Mart Stores Inc opposed the settlement and challenged it on appeal. Card issuers American Express Co and Discover Financial Services also objected to the settlement. According to the National Retail Federation trade group, retailers pay roughly $60 billion annually in swipe fees, which typically average around 2 percent.

Source: Hindustan Times March 27, 2017 13:41 UTC