Macy’s, Target file suit against Visa and MasterCard

New York -- A group of large U.S. retailers – including Macy’s, Target and J.C. Penney – filed suit against Visa and MasterCard on Thursday, abandoning a proposed $7.2 billion settlement reached last year over allegedly inflated credit card processing fees.

The lawsuit was filed in the U.S. District Court in Manhattan. Among the plaintiffs are also Kohl’s and TJX Cos., as well as other retailers that opted out of receiving proposed damages from the pending settlement that would end litigation by merchants that accused Visa and MasterCard of inflating swipe fees.

The lawsuit seeks compensatory and triple damages, as well as other remedies.

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