Target, major retailers sue MasterCard, Visa over swipe fees

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Minneapolis-based Target Corp. is among a group of U.S. retailers that filed an antitrust lawsuit against Visa and MasterCard over fees charged to process credit card transactions, Bloomberg reports.

The suit was filed in the U.S. District Court in Manhattan on behalf of many retailers that opted out of a controversial $7.25 billion antitrust settlement reached last year and is pursuing its own legal action.

Reuters notes many merchants criticized the proposed settlement because it could shield credit card companies from future lawsuits over antitrust violations. Retailers also claim it would allow Visa and MasterCard to inflate so-called swipe fees.

Other retailers named as plaintiffs in the new lawsuit include JC Penney, Kohl's, Macy's and TJX.

Earlier this week, Wal-Mart Stores Inc. and 18 other retailers announced they were opting out of the multi-billion dollar settlement and would consider seeking damages under their own legal action.

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